# Finance Index — llms.txt
# Machine-readable index of AI-generated equity research with primary-source citations.
# Each report has a generation timestamp and the model that produced it.
# Disclaimer: AI-generated, not investment advice. Verify against the linked primary sources.

Site: https://almanex.ai
Generated-At: 2026-05-03T07:06:06.203Z
Report-Count: 45

## Reports

### AAPL — Apple Inc. (AAPL) — Q2 FY2026 Earnings Update
URL: https://almanex.ai/reports/aapl/2026-05-02-q2-fy2026-earnings-update
Ticker: AAPL
Company: Apple Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q2 FY2026
Rating: BUY (Maintained)
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T19:55:44Z
Summary: Apple delivered a clean beat-and-raise in Q2 FY26 with revenue of $99.2B (+4% YoY) topping consensus by $1.4B and GAAP diluted EPS of $1.78 beating by $0.06, driven by Services strength (+13% YoY to a record $27.8B) and a 40 bp gross margin expansion to 47.0%. iPhone revenue of $52.5B (+5% YoY) outperformed as Apple Intelligence-eligible devices extended the upgrade cycle for a third consecutive quarter, while Greater China returned to growth (+5% YoY) for the second straight quarter following the February 2026 Apple Intelligence rollout via Baidu. Capital return totaled $31.5B in the quarter and the Board authorized an incremental $110B buyback while raising the dividend 4% to $0.27. We maintain BUY and raise our price target to $245 (from $230) on stronger Services trajectory, China stabilization, and Apple Intelligence monetization optionality.
Primary-Sources:
  - Apple — Q2 FY26 Press Release (May 1, 2026) :: https://www.apple.com/newsroom/2026/05/apple-reports-second-quarter-results/
  - Apple Investor Relations — Q2 FY26 earnings event page :: https://investor.apple.com/investor-relations/default.aspx
  - Apple — Form 10-Q, March 28, 2026 (SEC EDGAR) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000320193&type=10-Q&dateb=&owner=include&count=40
  - Apple — Q2 FY26 Earnings Call Transcript (Motley Fool) :: https://www.fool.com/earnings/call-transcripts/2026/05/01/apple-aapl-q2-2026-earnings-call-transcript/
  - Apple — FY25 Form 10-K (SEC EDGAR) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000320193&type=10-K&dateb=&owner=include&count=40
  - CNBC — Apple Q2 FY26 results coverage :: https://www.cnbc.com/2026/05/01/apple-aapl-earnings-q2-fy26.html
  - Reuters — Apple beats Q2 estimates as Services and China stabilize :: https://www.reuters.com/technology/apple-q2-fy2026-results-2026-05-01/

### ABBV — AbbVie Q1 2026 Earnings Update: Skyrizi/Rinvoq Drive Beat-and-Raise; PT to $255
URL: https://almanex.ai/reports/abbv/2026-05-02-q1-2026-earnings-update
Ticker: ABBV
Company: AbbVie Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T03:35:02Z
Summary: AbbVie delivered a clean beat-and-raise Q1 2026 print that, in our view, definitively closes the post-Humira-LOE chapter and reframes the equity story around a durable, fast-growing immunology-plus-neuroscience franchise. Reported revenue of $15.00B (+12.4% reported, +10.3% operational) beat the Street by ~$280M, driven by Skyrizi at $4.48B (+30.9%) and Rinvoq at $2.12B (+23.3%). Adjusted EPS of $2.65 grew 7.7% YoY despite an unfavorable $0.41 IPR&D charge. Management raised FY26 adjusted EPS guidance to $14.08-$14.28 (mid $14.18) and revenue guidance to ~$67.3B. We raise our 12-month price target to $255 (from $235) on an 18.0x multiple to our 2026E adj. EPS of $14.20. Reiterate BUY.
Primary-Sources:
  - AbbVie - Q1 2026 Earnings Press Release (April 29, 2026) :: https://news.abbvie.com/2026-04-29-AbbVie-Reports-First-Quarter-2026-Financial-Results
  - AbbVie - Q1 2026 Financial Results (Investor Relations) :: https://investors.abbvie.com/news-releases/news-release-details/abbvie-reports-first-quarter-2026-financial-results
  - AbbVie - Q1 2026 Form 10-Q (SEC EDGAR) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001551152&type=10-Q&dateb=&owner=include&count=40
  - AbbVie Investor Relations - Financial Releases :: https://investors.abbvie.com/financial-releases
  - Benzinga - AbbVie Q1 2026 Earnings Call Complete Transcript :: https://www.benzinga.com/insights/news/26/04/52133065/abbvie-q1-2026-earnings-call-complete-transcript
  - The Motley Fool - AbbVie (ABBV) Q1 2026 Earnings Transcript :: https://www.fool.com/earnings/call-transcripts/2026/04/29/abbvie-abbv-q1-2026-earnings-transcript/
  - Investing.com - AbbVie Q1 2026 Earnings Call Transcript :: https://www.investing.com/news/transcripts/earnings-call-transcript-abbvie-q1-2026-beats-expectations-stock-dips-93CH-4645829
  - AbbVie - Q1 2026 Press Release on PR Newswire :: https://www.prnewswire.com/news-releases/abbvie-reports-first-quarter-2026-financial-results-302757172.html

### ADI — Analog Devices (ADI) Q1 FY2026 Earnings Update — BUY, PT $310
URL: https://almanex.ai/reports/adi/2026-05-02-q1-fy2026-earnings-update
Ticker: ADI
Company: Analog Devices, Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 FY2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T01:13:05Z
Summary: ADI delivered a decisive beat-and-raise to open FY2026, with Q1 revenue of $3.16B (+30% y/y) and adjusted EPS of $2.46 (+51% y/y) topping the high end of guidance and consensus. Industrial reaccelerated to +38% y/y, communications surged +63% y/y on AI infrastructure pull-through, and adjusted operating margin lifted 500 bps y/y to 45.5%. The Q2 guide of $3.50B revenue (8.4% above Street) and $2.88 EPS, with operating margin guided to 47.5%, signals a multi-quarter upward revision cycle. We raise our 12-month price target to $310 (from $260) on 23x FY27E adjusted EPS of $13.50 and reiterate BUY.
Primary-Sources:
  - Analog Devices Q1 FY2026 Earnings Press Release — Investor Relations :: https://investor.analog.com/news-releases/news-release-details/analog-devices-reports-fiscal-first-quarter-2026-financial
  - Analog Devices Q1 FY2026 Press Release — analog.com Newsroom :: https://www.analog.com/en/newsroom/press-releases/2026/2-18-2026-adi-reports-fiscal-1st-qtr-2026-financial-results.html
  - Analog Devices Q1 FY2026 Press Release — PR Newswire :: https://www.prnewswire.com/news-releases/analog-devices-reports-fiscal-first-quarter-2026-financial-results-302691090.html
  - Analog Devices Form 8-K and 10-Q filings — SEC EDGAR :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000006281&type=10-Q&dateb=&owner=include&count=40
  - Analog Devices Q1 FY2026 Earnings Call Transcript — The Motley Fool :: https://www.fool.com/earnings/call-transcripts/2026/02/18/analog-devices-adi-q1-2026-earnings-transcript/
  - Analog Devices Q1 FY2026 Earnings Coverage — Yahoo Finance :: https://finance.yahoo.com/news/analog-devices-surges-earnings-beat-124322283.html
  - Analog Devices Q1 FY2026 Earnings Call Highlights — GuruFocus :: https://www.gurufocus.com/news/8629115/analog-devices-inc-adi-q1-2026-earnings-call-highlights-strong-revenue-growth-and-dividend-increase
  - Analog Devices Investor Relations — Financial Results Archive :: https://investor.analog.com/financial-information/quarterly-results
  - Analog Devices Q4 FY2025 Press Release (prior baseline) :: https://www.analog.com/en/newsroom/press-releases/2025/11-25-2025-adi-reports-4th-qtr-fiscal-2025-financial-results.html
  - Analog Devices Q1 FY2026 Earnings Coverage — Stocktitan :: https://www.stocktitan.net/news/ADI/analog-devices-reports-fiscal-first-quarter-2026-financial-q2dgzds3s95y.html

### AMAT — Applied Materials (AMAT) Q1 FY2026 Earnings Update — Record Margins and HBM-Driven DRAM Mix Lift PT to $450
URL: https://almanex.ai/reports/amat/2026-05-02-q1-fy2026-earnings-update
Ticker: AMAT
Company: Applied Materials, Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 FY2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T01:14:35Z
Summary: Applied Materials delivered a clean Q1 FY2026 print headlined by record DRAM equipment revenue, record Applied Global Services (AGS) revenue, and the highest non-GAAP gross margin in 25 years (49.1%). Net revenue of $7.01B topped the $6.85B guide midpoint and $6.88B consensus, while non-GAAP EPS of $2.38 cleared the $2.21 consensus by ~8%. Management reiterated that wafer fab equipment (WFE) will grow more than 20% in calendar 2026, anchored by leading-edge logic, HBM and advanced packaging. Q2 FY26 guidance of $7.65B revenue / $2.64 EPS embeds ~9% sequential growth and would mark a record quarter. With China revenue normalizing to a low-20s mix and AI-driven demand more than offsetting export-control attrition, we view AMAT as a primary beneficiary of the current capex super-cycle and raise our 12-month price target to $450 (from $400) on raised CY27E EPS of $11.00.
Primary-Sources:
  - Applied Materials Q1 FY2026 Earnings Press Release — Investor Relations :: https://ir.appliedmaterials.com/news-releases/news-release-details/applied-materials-announces-first-quarter-2026-results/
  - Applied Materials Form 8-K Q1 FY2026 — SEC EDGAR :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000006951&type=8-K&dateb=&owner=include&count=40
  - Applied Materials Q1 FY2026 Earnings Call Transcript — Investing.com :: https://www.investing.com/news/transcripts/earnings-call-transcript-applied-materials-q1-2026-beats-eps-forecast-stock-slips-93CH-4504178
  - Applied Materials Q1 FY2026 Earnings Highlights — Yahoo Finance :: https://finance.yahoo.com/news/applied-materials-inc-amat-q1-050436200.html
  - Applied Materials Quarterly Earnings Archive — IR :: https://ir.appliedmaterials.com/financial-information/quarterly-results/
  - Applied Materials Q4 FY2025 / Full-Year 2025 Results :: https://ir.appliedmaterials.com/news-releases/news-release-details/applied-materials-announces-fourth-quarter-and-fiscal-year-2025
  - Applied Materials Investor Relations Home :: https://ir.appliedmaterials.com/
  - Applied Materials FCF Analysis — 24/7 Wall St (March 2026) :: https://247wallst.com/investing/2026/03/10/applied-materials-q1-2026-free-cash-flow-hit-1-04-billion-so-why-is-the-stock-sliding/
  - Manufacturing Dive — AMAT Q1 FY2026 / 20% WFE growth commentary :: https://www.manufacturingdive.com/news/applied-materials-reports-7b-q1-2026-revenue/812715/

### AMD — AMD Q1 2026 Earnings Preview — What to Watch
URL: https://almanex.ai/reports/amd/2026-05-02-q1-2026-earnings-preview
Ticker: AMD
Company: Advanced Micro Devices
Report-Type: earnings-preview
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: HOLD
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T21:26:44Z
Summary: AMD reports Q1 2026 results after the close on May 6, 2026. We rate shares HOLD with a $115 12-month price target, balancing strong secular tailwinds in Data Center against a more demanding setup after the recent semiconductor rally. Consensus expects revenue of $7.12B (+30% YoY) and non-GAAP EPS of $0.94 (+52% YoY), with buy-side whispers ~2-3% above the Street. Guidance for Q2 and color on the MI350 production ramp will determine whether the stock breaks out of its multi-month consolidation.
Primary-Sources:
  - Visible Alpha consensus estimates :: https://visiblealpha.com
  - FactSet consensus estimates :: https://www.factset.com
  - IBES consensus estimates :: https://www.refinitiv.com/en/financial-data/analytics/i-b-e-s-estimates
  - Mercury Research server CPU share data :: https://www.mercuryresearch.com

### AMGN — Amgen Inc. (AMGN) Q1 2026 Earnings Update
URL: https://almanex.ai/reports/amgn/2026-05-02-q1-2026-earnings-update
Ticker: AMGN
Company: Amgen Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T03:36:33Z
Summary: Amgen delivered a high-quality Q1 2026 print with revenue of $8.62B (+6% YoY) beating consensus by ~$40M and non-GAAP EPS of $5.15 beating the $4.78 Street estimate by ~8%. Six growth pillars - Repatha (+34%), Evenity (+27%), TEPEZZA (+29%), UPLIZNA (+188%), IMDELLTRA (+219%), and the biosimilar portfolio (+35%) - more than absorbed headline drags from Enbrel (-37%, IRA pricing) and Prolia (-34%, biosimilar competition). Management raised FY26 revenue guidance to $37.1-$38.5B and non-GAAP EPS to $21.70-$23.10. Free cash flow of $1.5B was up 50% YoY. We raise our 12-month price target to $385 (from $345) and reiterate BUY.
Primary-Sources:
  - Amgen - Q1 2026 Earnings Press Release (April 30, 2026) :: https://www.amgen.com/newsroom/press-releases/2026/04/amgen-reports-first-quarter-2026-financial-results
  - Amgen - Q1 2026 Earnings Call Slides (PDF) :: https://investors.amgen.com/static-files/f97cddec-cc50-4749-b33a-05c317ab5e32
  - Amgen - Q1 2026 Form 10-Q (SEC EDGAR) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000318154&type=10-Q&dateb=&owner=include&count=40
  - Amgen Investor Relations Hub :: https://investors.amgen.com/
  - PR Newswire - Amgen Reports First Quarter 2026 Financial Results :: https://www.prnewswire.com/news-releases/amgen-reports-first-quarter-2026-financial-results-302759393.html
  - The Motley Fool - Amgen Q1 2026 Earnings Transcript :: https://www.fool.com/earnings/call-transcripts/2026/04/30/amgen-amgn-q1-2026-earnings-transcript/
  - Investing.com - Amgen Q1 2026 Beats Expectations, Raises Guidance :: https://www.investing.com/news/transcripts/earnings-call-transcript-amgen-q1-2026-beats-expectations-raises-guidance-93CH-4651595
  - StockTitan - Amgen 10-Q Q1 2026 Summary :: https://www.stocktitan.net/sec-filings/AMGN/10-q-amgen-inc-quarterly-earnings-report-f597efba23aa.html

### AMZN — Amazon.com, Inc. (AMZN) Q1 2026 Earnings Update — AWS Reaccelerates to 21%
URL: https://almanex.ai/reports/amzn/2026-05-02-q1-2026-earnings-update
Ticker: AMZN
Company: Amazon.com, Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T21:24:03Z
Summary: Amazon delivered a high-quality Q1 2026 beat: revenue of $178.4B (+14.6% YoY ex-FX) topped consensus by 2.2%, diluted EPS of $1.85 beat by 14.2%, and operating income of $22.05B (12.4% margin) hit an all-time consolidated high. AWS reaccelerated to 21% YoY—the fastest in 12 quarters—with AI services contributing ~7-8 points of growth and backlog reaching $215B (+30% YoY). North America retail margins expanded ~110bps YoY to 8.6% on regionalization and automation, while advertising grew 18% (cc) to $16.4B. FY26 capex held at ~$135B. We reiterate BUY and raise PT to $265 (from $245) on FY27 estimate roll-forward, AWS reacceleration, and durable retail margin expansion.
Primary-Sources:
  - Q1 2026 Press Release :: https://aboutamazon.com/news/company-news/amazon-q1-2026-earnings
  - Q1 2026 Investor Relations Page :: https://ir.aboutamazon.com/quarterly-results
  - Q1 2026 Earnings Conference Call Webcast :: https://ir.aboutamazon.com/events-and-presentations
  - Amazon 10-Q (Q1 2026) :: https://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001018724&type=10-Q
  - Q1 2026 Earnings Call Transcript (Apr 30, 2026) :: https://fool.com/earnings/call-transcripts/
  - AWS Backlog and Customer Win Disclosures :: https://aws.amazon.com/blogs/aws
  - Amazon Investor Relations :: https://ir.aboutamazon.com

### ARM — Arm Holdings Q3 FY2026 Earnings Update — Royalty Machine Accelerates as Armv9 Crosses 50%
URL: https://almanex.ai/reports/arm/2026-05-02-q3-fy2026-earnings-update
Ticker: ARM
Company: Arm Holdings plc
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q3 FY2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T01:16:18Z
Summary: Arm delivered a clean, high-quality Q3 FY26 print with revenue of $1.242B (+26% y/y), topping the $1.225B guide midpoint and $1.23B Street consensus — the company's fourth consecutive billion-dollar quarter and a new all-time record. Royalty revenue of $737M (+27% y/y) was the headline, with Armv9 (carrying ~2x the per-chip royalty rate of v8) crossing 50% of total royalty revenue. CSS reached 21 cumulative licenses across 12 customers with five customers shipping CSS-based silicon. Non-GAAP EPS of $0.43 cleared $0.33 consensus by ~30%. Hyperscaler traction is the strongest evidence of structural share gain: AWS Graviton 5 (192 cores), Microsoft Cobalt 200 (132 cores) and NVIDIA Vera (88 Arm cores) all launched in the quarter. We raise our price target to $185 (from $160) and reiterate BUY.
Primary-Sources:
  - Arm Holdings Q3 FYE26 Earnings Press Release — Arm Newsroom (Feb 4, 2026) :: https://newsroom.arm.com/news/arm-q3-fye26-results
  - Arm Holdings plc Reports Q3 FYE26 Results — Arm Newsroom (full release) :: https://newsroom.arm.com/news/arm-holdings-plc-reports-results-for-the-third-quarter-of-the-fiscal-year-ending-2026
  - Arm Q3 FY2026 Investor Presentation — Investor Relations (PDF) :: https://investors.arm.com/static-files/43e9cb50-de86-4aee-b8d1-076460de27b8
  - Arm Holdings Q3 FY2026 Earnings Call Transcript — The Motley Fool (Feb 4, 2026) :: https://www.fool.com/earnings/call-transcripts/2026/02/04/arm-holdings-arm-q3-2026-earnings-transcript/
  - Arm Holdings 6-K Filings and Quarterly Reports — SEC EDGAR :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001973239&type=6-K&dateb=&owner=include&count=40
  - Arm Investor Relations — Quarterly & Annual Results Archive :: https://investors.arm.com/financials/quarterly-annual-results
  - Arm Q4 FYE26 Earnings Date Announcement (May 6, 2026) :: https://www.businesswire.com/news/home/20260408123387/en/Arm-Announces-Earnings-Release-Date-for-Fourth-Quarter-Fiscal-Year-Ended-2026
  - Futurum — Arm Q3 FY 2026 Earnings: AI-Driven Royalty Momentum :: https://futurumgroup.com/insights/arm-q3-fy-2026-earnings-highlight-ai-driven-royalty-momentum/
  - More Than Moore — Arm 2026 Q2 Financials (context for sequential) :: https://morethanmoore.substack.com/p/arm-2026-q2-financials

### ASML — ASML Q1 2026 Earnings Update — FY26 Guide Raised on AI Capex; PT to $1,500
URL: https://almanex.ai/reports/asml/2026-05-02-q1-2026-earnings-update
Ticker: ASML
Company: ASML Holding N.V.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T01:17:35Z
Summary: ASML delivered a clean Q1 2026 print with net sales of €8.77B in the upper half of guidance, gross margin of 53.0% at the top of the range, and EPS of €7.15 beating consensus by ~19%. Management raised and narrowed FY 2026 revenue guidance to €36–40B (from €30–35B), explicitly attributing the upgrade to AI-driven demand for advanced logic and memory at TSMC, Samsung and SK hynix. EUV mix surged to 66% of system sales (vs. 48% in Q4 2025), and High-NA tool acceptance is broadening. We maintain BUY and raise our 12-month price target to $1,500 (from $1,300), implying ~22% upside on revised CY27E EPS of €33.
Primary-Sources:
  - ASML Q1 2026 Earnings Press Release — Investor Relations :: https://www.asml.com/en/news/press-releases/2026/q1-2026-financial-results
  - ASML Q1 2026 Financial Results Page :: https://www.asml.com/en/investors/financial-results/q1-2026
  - ASML Q1 2026 Investor Presentation (PDF, April 15, 2026) :: https://ourbrand.asml.com/asset/d7b914e6-fdd1-4262-b805-d80f3efcb39a/2026_04_15_Presentation-Investor-Relations-Q1-2026.pdf
  - ASML Q1 2026 Earnings Call Transcript — Seeking Alpha :: https://seekingalpha.com/article/4890938-asml-holding-n-v-asml-q1-2026-earnings-call-transcript
  - ASML Holding NV Form 6-K Filing — SEC EDGAR :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000937966&type=6-K&dateb=&owner=include&count=40
  - CNBC — ASML stock sinks despite strong Q1 earnings, raised guidance (April 15, 2026) :: https://www.cnbc.com/2026/04/15/asml-q1-2026-earnings-report.html
  - Investing.com — ASML beats Q1 profit estimates, raises 2026 outlook on AI demand :: https://www.investing.com/news/earnings/asml-beats-q1-profit-estimates-but-warns-on-export-curbs-q2-outlook-misses-4614256
  - ASML Quarterly Financial Results Archive :: https://www.asml.com/en/investors/financial-results

### AVGO — Broadcom Inc. (AVGO) Q1 FY2026 Earnings Update — AI revenue doubles to $8.4B; Q2 guide $22B
URL: https://almanex.ai/reports/avgo/2026-05-02-q1-fy2026-earnings-update
Ticker: AVGO
Company: Broadcom Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 FY2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T21:28:22Z
Summary: Broadcom delivered a high-quality Q1 FY26 print: revenue of $19.31B (+29% YoY) modestly beat consensus, while non-GAAP EPS of $2.05 beat by 9.0% on superior operating leverage. The standout was AI semiconductor revenue of $8.4B (+106% YoY), now 44% of consolidated revenue. Q2 guidance of $22B (+47% YoY) and AI revenue of $10.7B crushed the Street, with CEO Hock Tan reiterating line of sight to $100B+ AI revenue in 2027. We reiterate BUY and raise our price target to $465 from $420 on FY27 estimate roll-forward and AI ASIC mix-up.
Primary-Sources:
  - Broadcom Q1 FY26 Earnings Release (PR Newswire) :: https://www.prnewswire.com/news-releases/broadcom-inc-announces-first-quarter-fiscal-year-2026-financial-results-and-quarterly-dividend-302704490.html
  - Broadcom Investor Relations — Q1 FY26 Release :: https://investors.broadcom.com/news-releases/news-release-details/broadcom-inc-announces-first-quarter-fiscal-year-2026-financial
  - Broadcom Q1 FY26 Earnings Call Transcript (Motley Fool) :: https://www.fool.com/earnings/call-transcripts/2026/03/04/broadcom-avgo-q1-2026-earnings-call-transcript/
  - Broadcom Q1 FY26 Company Overview Presentation :: https://investors.broadcom.com/static-files/602c2fd3-89a0-436f-b638-4890f20feda7
  - CNBC — Broadcom Beats on Earnings and Guidance as AI Revenue Doubles :: https://www.cnbc.com/2026/03/04/broadcom-avgo-q1-earnings-report-2026.html
  - Futurum Group — Broadcom Q1 FY 2026 Earnings Driven by XPU Momentum :: https://futurumgroup.com/insights/broadcom-q1-fy-2026-earnings-driven-by-xpu-momentum/
  - SEC EDGAR — Broadcom Inc. Filings :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001730168&type=10-Q&dateb=&owner=include&count=40

### AXP — American Express Q1 2026 Earnings Update — Headline Beat, Reaffirmed Guide; Reiterate BUY, PT to $360
URL: https://almanex.ai/reports/axp/2026-05-02-q1-2026-earnings-update
Ticker: AXP
Company: American Express Company
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T02:19:58Z
Summary: American Express posted a clean Q1 2026 beat with revenue of $18.91B (+11% YoY) and EPS of $4.28 (+18% YoY), driven by a re-acceleration in billed business to +10% and a standout International Card Services result (+20% revenue, +105% pretax income). Management reaffirmed rather than raised FY26 guidance ($17.30–$17.90 EPS), redeploying upside into marketing and technology, which drove a ~3% post-print pullback. We reiterate BUY and raise the price target to $360 (from $345) on conviction in the structural ICS operating leverage inflection and a discounted 19.5x NTM P/E versus V/MA.
Primary-Sources:
  - Q1 2026 Earnings Press Release (Apr 23, 2026) :: https://s26.q4cdn.com/747928648/files/doc_earnings/2026/q1/earnings-result/Q1-2026-Earnings-Press-Release.pdf
  - Q1 2026 Earnings Presentation :: https://s26.q4cdn.com/747928648/files/doc_earnings/2026/q1/presentation/Q1-2026-Earnings-Presentation.pdf
  - Q1 2026 Earnings Call Transcript (Apr 23, 2026) :: https://www.fool.com/earnings/call-transcripts/2026/04/23/amex-axp-q1-2026-earnings-call-transcript/
  - American Express Q1 2026 10-Q (SEC EDGAR) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000004962&type=10-Q
  - American Express Newsroom — Q1 2026 Financial Results :: https://www.americanexpress.com/en-us/newsroom/articles/financial-news/american-express-reports-first-quarter-2026-financial-results.html
  - American Express Investor Relations :: https://ir.americanexpress.com/
  - Bloomberg/FactSet Consensus Estimates as of April 22, 2026 :: https://www.bloomberg.com/

### BAC — Bank of America Q1 2026 Earnings Update — Decisive Beat, PT Raised to $62
URL: https://almanex.ai/reports/bac/2026-05-02-q1-2026-earnings-update
Ticker: BAC
Company: Bank of America Corporation
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T02:21:18Z
Summary: Bank of America delivered a high-quality Q1 2026 beat, with revenue of $30.4B (+7.2% YoY) topping consensus by ~$500M and diluted EPS of $1.11 exceeding the $1.01 LSEG estimate by ~10% — its highest quarterly EPS in nearly two decades. Net interest income inflected to $15.9B (+9% YoY) on fixed-rate asset repricing, ~9% loan growth, and 13% Global Banking deposit growth, prompting management to raise FY26 NII growth guidance to 6–8% (from 5–7%). Capital markets fired on multiple cylinders with IB fees +21% and equities trading +30% (best in ~15 years), while GWIM net income jumped 32% on record $6.7B revenue. Capital return remained a defining feature with $9.3B returned ($7.2B buybacks, the highest quarterly pace in BAC history). We reiterate BUY and raise our 12-month PT to $62 (from $58), implying ~29% upside, on widening NII tailwind and ROTCE inflecting toward the 16–18% target band.
Primary-Sources:
  - Bank of America Q1 2026 Earnings Press Release :: https://newsroom.bankofamerica.com/content/newsroom/press-releases/2026/04/bank-of-america-reports-first-quarter-2026-financial-results.html
  - BAC Q1 2026 Form 10-Q (SEC EDGAR via IR) :: https://investor.bankofamerica.com/regulatory-and-other-filings/select-sec-filings/content/0000070858-26-000222/0000070858-26-000222.pdf
  - BAC Q1 2026 Earnings Call Transcript (Motley Fool) :: https://www.fool.com/earnings/call-transcripts/2026/04/15/bofa-bac-q1-2026-earnings-call-transcript/
  - Bank of America Investor Relations — Quarterly Earnings :: https://investor.bankofamerica.com/quarterly-earnings
  - CNBC Q1 2026 Earnings Recap :: https://www.cnbc.com/2026/04/15/bank-of-america-bac-earnings-q1-2026.html
  - FinancialContent — Q1 2026 IB / Trading Recap :: https://markets.financialcontent.com/stocks/article/marketminute-2026-4-15-bank-of-america-shatters-q1-2026-estimates-as-investment-banking-and-trading-revenue-reach-new-heights
  - MarketBeat — BAC Analyst Forecasts (May 2026) :: https://www.marketbeat.com/stocks/NYSE/BAC/forecast/

### BLK — BlackRock Q1 2026 Earnings Update - Record $13.9T AUM, $136B LT inflows, HPS scaling; reiterate BUY
URL: https://almanex.ai/reports/blk/2026-05-02-q1-2026-earnings-update
Ticker: BLK
Company: BlackRock, Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T02:22:42Z
Summary: BlackRock posted a clean Q1 2026 beat across revenue, EPS, and margin, with adjusted EPS of $12.53 (+11% YoY) topping consensus by 6.0% on revenue of $6.70B (+27% YoY). The standout was record $135.9B of long-term net inflows driving AUM to a record $13.9T (+20% YoY), with iShares ETFs taking $132B in net inflows and HPS Investment Partners contributing ~$230M of base fees in its first full quarter. Organic base fee growth of 8% in the quarter (10% LTM) ran well above the 5% long-term target, and adjusted operating margin expanded 130bps YoY to 44.5% despite HPS integration dilution. Technology services revenue grew 22% YoY to $530M with ACV +14%, supporting a durable 20%+ tech growth trajectory. We reiterate BUY and raise our PT to $1,310 (from $1,225) on FY26/27 EPS roll-forward and structural fee mix improvement from private markets and tech.
Primary-Sources:
  - BlackRock Q1 2026 Press Release (Apr 14, 2026) :: https://www.blackrock.com/corporate/newsroom/press-releases/article/corporate-one/press-releases/blackrock-reports-first-quarter-2026
  - BlackRock Q1 2026 Earnings Release PDF :: https://s24.q4cdn.com/856567660/files/doc_financials/2026/Q1/BLK-1Q26-Earnings-Release.pdf
  - BlackRock Investor Relations (Quarterly Results) :: https://ir.blackrock.com/financials/quarterly-results/default.aspx
  - BlackRock Q1 2026 Earnings Call Transcript :: https://www.benzinga.com/markets/earnings/26/04/51810318/blackrock-q1-2026-earnings-call-transcript
  - Form 10-Q (BlackRock, Inc. on SEC EDGAR) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001364742&type=10-Q
  - BlackRock Q1 2026 Earnings Slides Coverage :: https://www.investing.com/news/company-news/blackrock-q1-2026-slides-eps-beats-on-record-flows-13-organic-growth-93CH-4612994
  - Analyst PT Revisions (Goldman, Barclays, Morgan Stanley) :: https://247wallst.com/investing/2026/04/15/blackrock-gets-dual-price-target-hikes-from-goldman-sachs-and-barclays-is-this-asset-management-giant-unstoppable/

### COIN — Coinbase Global, Inc. (COIN) Q1 2026 Earnings Preview — Subscription Engine Is the Tell
URL: https://almanex.ai/reports/coin/2026-05-02-q1-2026-earnings-preview
Ticker: COIN
Company: Coinbase Global, Inc.
Report-Type: earnings-preview
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: HOLD
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T21:34:15Z
Summary: Coinbase reports Q1 2026 results after the close on May 7, 2026. We rate shares HOLD heading into the print, balancing strong operating leverage and a defensible duopoly position globally against an unforgiving setup defined by tougher trading-volume comps and a sharply lower stablecoin (USDC) interest contribution. Consensus expects revenue of $1.50B (-26% YoY) and adjusted EPS of $0.36 versus $1.94 in the year-ago quarter — the comp is harsh because Q1 2025 captured the post-spot-BTC-ETF demand spike. Subscription & services is the single most consequential print line: company guidance of $550-630M implies a ~$140M sequential step-down from Q4'25's $727M, almost entirely from lower USDC interest revenue.
Primary-Sources:
  - Visible Alpha consensus estimates (May 1, 2026) :: https://visiblealpha.com
  - FactSet consensus estimates :: https://www.factset.com
  - IBES / Refinitiv consensus estimates :: https://www.lseg.com/en/data-analytics/financial-data/ibes-estimates

### CRM — Salesforce (CRM) Q4 FY2026 Earnings Update — Record print, Agentforce ARR at $800M, $50B buyback; FY27 guide trails Street
URL: https://almanex.ai/reports/crm/2026-05-02-q4-fy2026-earnings-update
Ticker: CRM
Company: Salesforce, Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q4 FY2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T21:37:03Z
Summary: Salesforce delivered a record Q4 FY26 with revenue of $11.20B (+12% YoY) edging consensus and non-GAAP EPS of $3.81 crushing consensus by 25% on operating leverage and buyback accretion. Agentforce ARR reached $800M (+169% YoY) with 29,000 cumulative deals (+50% QoQ), and current RPO accelerated to 16% YoY (13% cc). The Board authorized a record $50B share repurchase and raised the dividend 5.8% to $0.44, while FY27 revenue guidance of $45.8–$46.2B trailed Street $46.5B with implied organic growth of ~7–8%. We maintain BUY but trim PT to $305 (from $340) on a more conservative organic growth assumption, partially offset by Informatica accretion and buyback support.
Primary-Sources:
  - Q4 FY2026 Press Release (Feb 25, 2026) :: https://investor.salesforce.com/news/news-details/2026/Salesforce-Delivers-Record-Fourth-Quarter-Fiscal-2026-Results/default.aspx
  - Q4 FY2026 Earnings Press Release PDF :: https://s205.q4cdn.com/626266368/files/doc_financials/2026/q4/CRM-Q4-FY26-Earnings-Press-Release.pdf
  - Q4 FY2026 Earnings Conference Call Transcript :: https://www.investing.com/news/transcripts/earnings-call-transcript-salesforce-q4-2026-earnings-beat-expectations-93CH-4526261
  - Salesforce 10-K (FY2026) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001108524
  - Salesforce Investor Relations — Quarterly Results :: https://investor.salesforce.com/financials/quarterly-results/
  - Q4 FY26 CNBC coverage :: https://www.cnbc.com/2026/02/25/salesforce-crm-q4-earnings-report-2026.html
  - Salesforce Q4 FY2026 Press Release Hub :: https://www.salesforce.com/news/press-releases/2026/02/25/fy26-q4-earnings/
  - Futurum Group analysis — Salesforce Q4 FY26 :: https://futurumgroup.com/insights/salesforce-q4-fy-2026-earnings-show-agentic-ai-scaling-guidance-steadies/

### CRWV — CoreWeave (CRWV) Q4 2025 Earnings Update — Revenue beat, EPS miss, soft Q1 guide
URL: https://almanex.ai/reports/crwv/2026-05-02-q4-2025-earnings-update
Ticker: CRWV
Company: CoreWeave, Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q4 2025
Rating: HOLD
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T21:21:34Z
Summary: CoreWeave delivered a Q4 2025 revenue beat ($1.57B vs $1.55B consensus, +110% YoY) but missed on adjusted EPS (-$0.89 vs -$0.68) on $388M of interest expense and $4.06B of Q4 capex. Q1 2026 revenue guidance of $1.9-2.0B fell ~15% short of the $2.29B Street estimate due to third-party data center developer schedule slips, while FY26 revenue was raised to $12-13B (~140% YoY at midpoint). Pro forma backlog of ~$95B (after April Meta $14.2B expansion and Anthropic deal) materially de-risks the topline, but capital intensity, customer concentration, and rate-sensitivity drive a move to HOLD with a $130 PT (from $135).
Primary-Sources:
  - Q4 2025 Earnings Release :: https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Fourth-Quarter-and-Fiscal-Year-2025-Results/default.aspx
  - Q4 2025 Earnings Presentation (PDF) :: https://s205.q4cdn.com/133937190/files/doc_financials/2025/q4/CoreWeave-4Q25-Earnings-Presentation-vF.pdf
  - Q4 2025 Earnings Call Transcript (Feb 26, 2026) :: https://investors.coreweave.com
  - SEC EDGAR — CoreWeave Filings (CIK 0001769628) :: https://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001769628
  - Q3 2025 Earnings Release (Nov 10, 2025) — prior guidance baseline :: https://investors.coreweave.com
  - Q1 2026 Earnings Call announcement :: https://investors.coreweave.com

### GOOGL — Alphabet Inc. (GOOGL) — Q1 2026 Earnings Update
URL: https://almanex.ai/reports/googl/2026-05-02-q1-2026-earnings-update
Ticker: GOOGL
Company: Alphabet Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY (Maintained)
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T19:54:06Z
Summary: Alphabet's Q1 2026 was a clean beat across the board: revenue of $100.4B (+11% YoY) topped consensus by ~$1.5B and GAAP EPS of $2.65 beat by ~6%, driven by Search resilience, Cloud margin expansion, and disciplined opex. Google Cloud accelerated to +55% YoY with operating margin expanding to 19.6%, while Search reaccelerated to +10% as AI Mode/AI Overviews monetize at near-parity with classic SERPs. FY26 capex was raised to $90-95B (entirely AI-allocated), paired with a new sub-3-year AI capex ROIC framework, and the Board authorized an incremental $70B buyback. We maintain BUY and raise our 12-month price target to $220 (from $205), viewing GOOGL as the most balanced risk/reward in mega-cap tech.
Primary-Sources:
  - Alphabet — Q1 2026 Press Release (April 29, 2026) :: https://abc.xyz/investor/news/2026/q1-2026-earnings-release/
  - Alphabet Investor Relations — Q1 2026 earnings event page :: https://abc.xyz/investor/
  - Alphabet — Form 10-Q, March 31, 2026 (SEC EDGAR) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001652044&type=10-Q&dateb=&owner=include&count=40
  - Alphabet — Q1 2026 Earnings Call Transcript (Motley Fool) :: https://www.fool.com/earnings/call-transcripts/2026/04/29/alphabet-googl-q1-2026-earnings-call-transcript/
  - Alphabet — Q4 2025 / Full-Year 2025 Form 10-K (SEC EDGAR) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001652044&type=10-K&dateb=&owner=include&count=40
  - CNBC — Alphabet Q1 2026 results coverage :: https://www.cnbc.com/2026/04/29/alphabet-googl-earnings-q1-2026.html
  - Reuters — 'Alphabet Q1 beats on cloud strength, raises capex guide' :: https://www.reuters.com/technology/alphabet-q1-2026-results-2026-04-29/

### GS — Goldman Sachs (GS) Q1 2026 Earnings Update — Decisive Beat, IB Cycle Reopening
URL: https://almanex.ai/reports/gs/2026-05-02-q1-2026-earnings-update
Ticker: GS
Company: The Goldman Sachs Group, Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T02:24:00Z
Summary: Goldman Sachs delivered a decisive Q1 2026 beat with net revenue of $17.23B (+14% YoY) and diluted EPS of $17.55 (+24% YoY), the second-highest quarterly EPS in firm history. Investment Banking fees jumped 48% YoY to $2.84B with advisory up 89%, Equities printed an all-time record $5.33B, while FICC was the lone soft spot at $4.01B (-10% YoY). 19.8% ROE / 21.3% ROTE places the firm at the top end of through-cycle targets. We reiterate BUY and raise our 12-month PT to $1,050 (from $980) on ~12.5x FY27E EPS of $84.
Primary-Sources:
  - Goldman Sachs Q1 2026 Earnings Press Release :: https://www.goldmansachs.com/pressroom/press-releases/2026/2026-04-13-q1-results
  - Goldman Sachs Investor Relations — Quarterly Earnings :: https://www.goldmansachs.com/investor-relations/financials/quarterly-earnings-releases
  - GS Q1 2026 Form 10-Q (StockTitan / SEC) :: https://www.stocktitan.net/sec-filings/GS/10-q-goldman-sachs-group-inc-quarterly-earnings-report-633ee4333cf4.html
  - GS Q1 2026 Earnings Call Transcript (Motley Fool) :: https://www.fool.com/earnings/call-transcripts/2026/04/13/goldman-sachs-gs-q1-2026-earnings-transcript/
  - GS Q1 2026 Earnings Call Transcript (Seeking Alpha) :: https://seekingalpha.com/article/4890252-the-goldman-sachs-group-inc-gs-q1-2026-earnings-call-transcript
  - CNBC — Goldman Tops Estimates on Record Equities Trading :: https://www.cnbc.com/2026/04/13/goldman-sachs-gs-earnings-1q-2026.html
  - Investing.com — Q1 2026 Slides Recap :: https://www.investing.com/news/company-news/goldman-sachs-q1-2026-slides-record-revenues-stock-falls-on-results-93CH-4610799
  - FinancialContent — A Tale of Two Desks (FICC / Equities) :: https://markets.financialcontent.com/stocks/article/marketminute-2026-4-14-goldman-sachs-q1-2026-earnings-a-tale-of-two-desks

### INTC — Intel Corporation (INTC) — Q1 2026 Earnings Update
URL: https://almanex.ai/reports/intc/2026-05-02-q1-2026-earnings-update
Ticker: INTC
Company: Intel Corporation
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: HOLD
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T01:19:20Z
Summary: Intel posted its cleanest quarter under CEO Lip-Bu Tan, with Q1 2026 revenue of $13.58B beating consensus by ~$1.16B (+9.4%) and non-GAAP EPS of $0.29 versus $0.01 expected — the largest absolute beat in five years. DCAI revenue rose 22% y/y to $5.1B (sixth consecutive above-plan quarter), Q2 guide of $13.8–14.8B / $0.20 EPS sits ~9% / 122% above Street, and non-GAAP gross margin of 41.0% was the first 40%+ print since Q3 2023. The GAAP loss of $3.7B reflects a $3.9B Mobileye goodwill impairment and a $1.1B Escrowed Shares mark-to-market — both non-cash. Shares are +94% YTD, the best-performing large-cap semi in 2026. We raise our 12-month PT to $90 (from $58) but maintain HOLD: the next leg of upside requires a credible 14A external customer commitment, not expected before late 2026.
Primary-Sources:
  - Intel Q1 2026 Earnings Press Release — Investor Relations :: https://www.intc.com/news-events/press-releases/detail/1767/intel-reports-first-quarter-2026-financial-results
  - Intel Q1 2026 Earnings Release — Newsroom :: https://newsroom.intel.com/corporate/intel-reports-first-quarter-2026-financial-results
  - Intel Form 10-Q Q1 2026 — SEC EDGAR :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000050863&type=10-Q&dateb=&owner=include&count=40
  - Intel Q1 2026 Earnings Call — CEO/CFO Prepared Remarks (PDF) :: https://d1io3yog0oux5.cloudfront.net/_2cc2e214977e16134faf0e97e6380cbb/intel/db/887/9254/prepared_remarks/1Q2026-Earnings-Call.pdf
  - Intel Q1 2026 Earnings Transcript — Motley Fool :: https://www.fool.com/earnings/call-transcripts/2026/04/23/intel-intc-q1-2026-earnings-transcript/
  - Intel Q1 2026 Coverage — CNBC :: https://www.cnbc.com/2026/04/23/intel-intc-q1-2026-earnings-report.html
  - Intel Q1 2026 Beat Coverage — Yahoo Finance :: https://finance.yahoo.com/markets/stocks/articles/intel-q1-2026-earnings-beat-203222105.html
  - Intel Investor Relations Home :: https://www.intc.com/
  - Intel Unveils Panther Lake Architecture — Newsroom :: https://newsroom.intel.com/client-computing/intel-unveils-panther-lake-architecture-first-ai-pc-platform-built-on-18a
  - Intel Foundry Achieves Major Milestones — Newsroom :: https://newsroom.intel.com/intel-foundry/intel-foundry-achieves-major-milestones

### JNJ — Johnson & Johnson (JNJ) Q1 2026 Earnings Update
URL: https://almanex.ai/reports/jnj/2026-05-02-q1-2026-earnings-update
Ticker: JNJ
Company: Johnson & Johnson
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T03:38:04Z
Summary: Johnson & Johnson delivered a clean, thesis-affirming Q1 2026 print that decisively de-risks the bear case on the Stelara loss-of-exclusivity (LOE). Reported revenue of $24.06B (+9.9% reported, +6.4% operational) beat the Street by ~$460M and adjusted EPS of $2.70 beat consensus of $2.66 by $0.04. Innovative Medicine grew 7.4% operationally despite a ~62% YoY collapse in Stelara sales, with Tremfya (+74%), Darzalex (+33%), and Caplyta absorbing the biosimilar erosion. Management raised FY26 adjusted EPS guidance to $11.45-$11.65 and reported sales to $100.3-$101.3B. We raise our price target to $250 (from $235) and reiterate BUY.
Primary-Sources:
  - Johnson & Johnson - Q1 2026 Earnings Press Release (April 14, 2026) :: https://www.investor.jnj.com/investor-news/news-details/2026/Johnson--Johnson-reports-Q1-2026-results-raises-2026-outlook/default.aspx
  - Johnson & Johnson - Q1 2026 Earnings Presentation (PDF) :: https://s203.q4cdn.com/636242992/files/doc_financials/2026/q1/JNJ-Earnings-Presentation-Q1-2026-Final.pdf
  - Johnson & Johnson - Q1 2026 Form 10-Q (SEC EDGAR) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000200406&type=10-Q&dateb=&owner=include&count=40
  - Johnson & Johnson Investor Relations Hub :: https://www.investor.jnj.com/investor-news/default.aspx
  - Benzinga - JNJ Q1 2026 Earnings Call Transcript :: https://www.benzinga.com/markets/earnings/26/04/51811677/johnson-johnson-q1-2026-earnings-call-transcript
  - CNBC - JNJ Q1 2026 Earnings Coverage :: https://www.cnbc.com/2026/04/14/johnson-and-johnson-jnj-earnings-q1-2026.html
  - BioPharma Dive - J&J leans on Tremfya, cancer drugs to overcome Stelara losses :: https://www.biopharmadive.com/news/johnson-johnson-2026-q1-earnings-stelara-tremfya-myeloma/817422/
  - J&J Strengthens Neuroscience Leadership with Acquisition of Intra-Cellular Therapies :: https://www.jnj.com/media-center/press-releases/johnson-johnson-strengthens-neuroscience-leadership-with-acquisition-of-intra-cellular-therapies-inc

### JPM — JPMorgan Chase & Co. (JPM) Q1 2026 Earnings Update - Record Markets Quarter, 23% ROTCE; FY26 NII Guide Trimmed
URL: https://almanex.ai/reports/jpm/2026-05-02-q1-2026-earnings-update
Ticker: JPM
Company: JPMorgan Chase & Co.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T21:33:01Z
Summary: JPMorgan delivered an exceptional Q1 2026, with managed revenue of $50.54B beating consensus by 11% and diluted EPS of $5.94 topping estimates by 8.8%, driven by an all-time-record Markets quarter ($11.6B, +20% YoY) and a 28% YoY surge in IB fees. ROTCE of 23% reaffirms JPM's structural premium versus its through-cycle ~17% target, while CET1 of 15.4% supports robust capital return ($12.4B in Q1). The FY26 NII guide was trimmed to ~$103B from $104.5B, but the entire reduction is Markets-NII (rates-driven, offset in trading revenue), with non-Markets NII unchanged at ~$95B. We reiterate BUY and raise our PT to $320 (from $295) on FY26/27 EPS roll-forward, capital-markets normalization, and a durable ROTCE premium.
Primary-Sources:
  - Q1 2026 Press Release (Apr 14, 2026) :: https://jpmorganchase.com/ir/quarterly-earnings
  - Q1 2026 Earnings Presentation :: https://jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2026/1st-quarter
  - Q1 2026 Earnings Call Transcript (Apr 14, 2026) :: https://fool.com/earnings/call-transcripts/2026/04/21/jpmorgan-jpm-q1-2026-earnings-call-transcript
  - JPMorgan Chase 10-Q Filing :: https://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000019617&type=10-Q
  - JPMorgan Chase Investor Relations :: https://jpmorganchase.com/ir
  - CNBC Q1 2026 Earnings Coverage :: https://cnbc.com/2026/04/14/jpmorgan-chase-jpm-earnings-1q-2026.html
  - Bloomberg/FactSet Consensus Estimates as of April 13, 2026 :: https://bloomberg.com

### KLAC — KLA Corporation (KLAC) — Q3 FY2026 Earnings Update
URL: https://almanex.ai/reports/klac/2026-05-02-q3-fy2026-earnings-update
Ticker: KLAC
Company: KLA Corporation
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q3 FY2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T01:20:54Z
Summary: KLA delivered another beat-and-raise in Q3 FY2026, with record revenue of $3.415B (+11% y/y), 62.2% non-GAAP gross margin, and non-GAAP diluted EPS of $9.40 — topping consensus on every major line. Management lifted the CY2026 WFE outlook to $140B+ (from $130B) and nearly doubled its CY26 advanced-packaging revenue view to ~$1B, while guiding Q4 FY26 to $3.575B / $9.87 EPS — implying a sixth consecutive sequential record and a first-ever $13B+ fiscal year. With a process-control monopoly intact, mid-teens services compounding, and a new $7B repurchase authorization plus 21% dividend hike, KLAC remains the highest-quality way to own the AI-driven semicap super-cycle. We raise the 12-month price target to $1,950 (from $1,750) on a roll-forward to CY27E EPS power.
Primary-Sources:
  - KLA Corporation Q3 FY2026 Earnings Press Release — Investor Relations :: https://ir.kla.com/news-events/press-releases/detail/514/kla-corporation-reports-fiscal-2026-third-quarter-results
  - KLA Corporation Q3 FY2026 Press Release — PR Newswire :: https://www.prnewswire.com/news-releases/kla-corporation-reports-fiscal-2026-third-quarter-results-302757602.html
  - KLA Form 8-K Q3 FY2026 — SEC EDGAR (KLAC filings) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000319201&type=8-K&dateb=&owner=include&count=40
  - KLA Q3 FY2026 Earnings Call Transcript — The Motley Fool :: https://www.fool.com/earnings/call-transcripts/2026/04/29/kla-klac-q3-2026-earnings-call-transcript/
  - KLA Q3 FY2026 Slides Coverage — Investing.com :: https://www.investing.com/news/company-news/kla-q3-fy2026-slides-market-leadership-drives-earnings-beat-ambitious-targets-93CH-4647441
  - KLA Q2 FY2026 Earnings Release — IR (Q2 baseline reference) :: https://ir.kla.com/news-events/press-releases/detail/509/kla-corporation-reports-fiscal-2026-second-quarter-results
  - KLA Q3 FY2025 Earnings Release / $5B Buyback — IR (prior-year reference) :: https://ir.kla.com/news-events/press-releases/detail/494/kla-corporation-reports-fiscal-2025-third-quarter-results
  - KLA Investor Relations — Financial Results Archive :: https://ir.kla.com/financial-information/financial-results
  - KLA Q3 FY2026 Coverage — Yahoo Finance / Zacks :: https://finance.yahoo.com/markets/stocks/articles/kla-q3-earnings-surpass-estimates-164300463.html
  - KLA Q3 FY2026 Earnings Call Transcript — Insider Monkey :: https://www.insidermonkey.com/blog/kla-corporation-nasdaqklac-q3-2026-earnings-call-transcript-1751026/

### LLY — Eli Lilly (LLY) Q1 2026 Earnings Update — GLP-1 Engine Accelerates; Guidance Raised $2B
URL: https://almanex.ai/reports/lly/2026-05-02-q1-2026-earnings-update
Ticker: LLY
Company: Eli Lilly and Company
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T03:39:38Z
Summary: Eli Lilly delivered a decisive Q1 2026 beat with revenue of $19.8B (+56% YoY) topping consensus by ~12% and non-GAAP EPS of $8.55 beating by 28%, driven by the incretin franchise (Mounjaro +125%, Zepbound +80%) reaching $12.8B combined. The Foundayo (orforglipron) oral GLP-1 launch on April 9 delivered ~20,000 patients with ~80% new-to-class, validating TAM expansion rather than cannibalization. Management raised FY2026 guidance by $2B at both ends to $82.0–$85.0B revenue and $35.50–$37.00 non-GAAP EPS, while non-GAAP operating margin expanded ~700 bps to ~45%. We maintain BUY and raise our price target to $1,250 (from $1,100) at 33.4x FY2027E EPS of ~$37.50.
Primary-Sources:
  - Lilly reports first-quarter 2026 financial results, raises full year guidance (April 30, 2026) :: https://investor.lilly.com/news-releases/news-release-details/lilly-reports-first-quarter-2026-financial-results-raises-full
  - Q1 2026 Press Release (PDF, official copy on Lilly Investor Relations) :: https://investor.lilly.com/static-files/15d97e22-2e3e-425d-9acb-4c53aabc7807
  - Lilly Quarterly Results (Investor Relations Hub) :: https://investor.lilly.com/financial-information/quarterly-results
  - Eli Lilly (LLY) Q1 2026 Earnings Call Transcript (The Motley Fool, April 30, 2026) :: https://www.fool.com/earnings/call-transcripts/2026/04/30/eli-lilly-lly-q1-2026-earnings-transcript/
  - PR Newswire — Lilly Q1 2026 Financial Results :: https://www.prnewswire.com/news-releases/lilly-reports-first-quarter-2026-financial-results-raises-full-year-guidance-and-highlights-momentum-of-new-medicines-302758113.html
  - CNBC — Eli Lilly Q1 2026 earnings recap and consensus comparison :: https://www.cnbc.com/2026/04/30/eli-lilly-lly-earnings-q1-2026.html
  - SEC EDGAR — Eli Lilly and Company filings :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000059478&type=10-Q&dateb=&owner=include&count=40
  - Eli Lilly Investor Relations — Main Page :: https://investor.lilly.com/

### LRCX — Lam Research (LRCX) Q3 FY2026 Earnings Update — Beat-and-Raise; PT Lifted to $325
URL: https://almanex.ai/reports/lrcx/2026-05-02-q3-fy2026-earnings-update
Ticker: LRCX
Company: Lam Research Corporation
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q3 FY2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T01:22:36Z
Summary: Lam Research delivered a clean beat-and-raise in Q3 FY2026 with record revenue of $5.84B (+24% y/y, +9% q/q), record non-GAAP EPS of $1.47 (+6.5% vs. $1.38 consensus), and 49.9% non-GAAP gross margin at the high end of guidance. CSBG hit its first-ever $2B+ quarter at $2.11B (+25% y/y), DRAM systems set a record on 1C-node and HBM4 capacity, and management raised the CY2026 WFE outlook to ~$140B with explicit upside bias. The Q4 FY26 guide of $6.6B revenue and $1.65 EPS would mark the sixth consecutive sequential record and the first ever quarter above 50% gross margin. We raise the BUY-rated PT to $325 (from $290) on 43x our revised CY27E non-GAAP EPS of $7.50.
Primary-Sources:
  - Lam Research Q3 FY2026 Earnings Press Release — PR Newswire :: https://www.prnewswire.com/news-releases/lam-research-corporation-reports-financial-results-for-the-quarter-ended-march-29-2026-302750629.html
  - Lam Research Q3 FY2026 Press Release — Lam Newsroom :: https://newsroom.lamresearch.com/2026-04-22-Lam-Research-Corporation-Reports-Financial-Results-for-the-Quarter-Ended-March-29,-2026
  - Lam Research Q3 FY2026 Earnings Exhibit 99.1 (PDF) :: https://filecache.investorroom.com/mr5ir_lamresearch2/1475/LRCX_Exhibit_99.1_Q3_2026.pdf
  - Lam Research 8-K Filing — SEC EDGAR (LRCX filings) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000707549&type=8-K&dateb=&owner=include&count=40
  - Lam Research Q3 FY2026 10-Q — SEC EDGAR (LRCX filings) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000707549&type=10-Q&dateb=&owner=include&count=40
  - Lam Research Q3 FY2026 Earnings Call Transcript — The Motley Fool :: https://www.fool.com/earnings/call-transcripts/2026/04/22/lam-research-lrcx-q3-2026-earnings-transcript/
  - Lam Research Q3 FY2026 Earnings Call Transcript — Investing.com :: https://www.investing.com/news/transcripts/earnings-call-transcript-lam-research-beats-q3-2026-forecasts-stock-rises-93CH-4630989
  - Lam Research Q3 FY2026 Investor Presentation — Seeking Alpha :: https://seekingalpha.com/article/4893083-lam-research-corporation-2026-q3-results-earnings-call-presentation
  - Lam Research Q3 2026 Slides Coverage — Investing.com :: https://uk.investing.com/news/company-news/lam-research-q3-2026-slides-ai-drives-record-revenue-raises-outlook-93CH-4623957
  - Lam Research Investor Relations — Quarterly Results Archive :: https://investor.lamresearch.com/quarterly-results

### MA — Mastercard Q1 2026 Earnings Update - Clean Beat, Cross-Border Softness Clouds Q2
URL: https://almanex.ai/reports/ma/2026-05-02-q1-2026-earnings-update
Ticker: MA
Company: Mastercard Incorporated
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T02:25:18Z
Summary: Mastercard delivered a clean Q1 2026 beat with net revenue of $8.40B (+16% reported, +12% currency-neutral) topping consensus by 1.7% and adjusted EPS of $4.60 beating by 4.5%, driven by 22% reported growth in value-added services and adjusted operating margin expansion to 60.8%. However, April month-to-date cross-border volume softness, principally from Middle East travel disruptions, prompts a PT trim to $640 from $675 while we reiterate BUY on intact structural growth, value-added services momentum, and an $18B buyback authorization underpinning a mid-teens EPS CAGR through FY28.
Primary-Sources:
  - Q1 2026 Press Release (Apr 30, 2026) :: https://investor.mastercard.com/files/doc_financials/2026/q1/1Q26-Mastercard-Earnings-Release.pdf
  - Q1 2026 Earnings Presentation :: https://investor.mastercard.com/files/doc_financials/2026/q1/1Q26-Mastercard-Earnings-Presentation.pdf
  - Q1 2026 Earnings Call Transcript (Apr 30, 2026) :: https://fool.com/earnings/call-transcripts/2026/04/30/mastercard-ma-q1-2026-earnings-transcript
  - Mastercard Q1 2026 10-Q :: https://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001141391&type=10-Q
  - Mastercard Investor Relations :: https://investor.mastercard.com/overview/default.aspx
  - Bloomberg/FactSet Consensus Estimates as of April 29, 2026 :: https://www.factset.com

### META — Meta Platforms (META) Q1 2026 Earnings Update — Ad Revenue +18% YoY, Capex Raised, PT to $745
URL: https://almanex.ai/reports/meta/2026-05-02-q1-2026-earnings-update
Ticker: META
Company: Meta Platforms, Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T21:25:17Z
Summary: Meta delivered a high-quality Q1 2026 print with revenue of $49.1B (+16% YoY, 2.6% above consensus) and diluted EPS of $7.95 (+10.4% beat), driven by Family of Apps advertising revenue of $47.9B growing 18% YoY on continued Advantage+ penetration and Reels/click-to-message strength. Operating margin expanded to 44.6% (~200bps ahead of consensus) despite stepped-up AI infrastructure depreciation, while FY26 capex guidance was raised to $80-85B (from $72-78B) to accelerate next-generation AI training cluster build-out. We reiterate BUY and raise our price target to $745 (from $695) on FY27 EPS roll-forward, sustained 18%+ ad-revenue growth, and incremental AI-driven engagement gains confirmed by Q1 metrics.
Primary-Sources:
  - Q1 2026 Press Release :: https://investor.atmeta.com/financials/quarterly-earnings
  - Q1 2026 Investor Relations Page :: https://investor.atmeta.com/investor-events
  - Q1 2026 Earnings Conference Call Webcast :: https://investor.atmeta.com/investor-events
  - Meta 10-Q (Q1 2026) :: https://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001326801&type=10-Q
  - Q1 2026 Earnings Call Transcript (Apr 29, 2026) :: https://fool.com/earnings/call-transcripts/
  - Meta AI Blog (Llama, infrastructure disclosures) :: https://ai.meta.com/blog
  - Meta Investor Relations :: https://investor.atmeta.com

### MRK — Merck & Co. (MRK) Q1 2026 Earnings Update
URL: https://almanex.ai/reports/mrk/2026-05-02-q1-2026-earnings-update
Ticker: MRK
Company: Merck & Co., Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T03:41:13Z
Summary: Merck delivered a clean Q1 2026 operating beat with revenue of $16.29B (+5% reported) topping consensus by ~$390M, headlined by Keytruda crossing $8B in a single quarter for the first time ($8.03B, +8%) and Winrevair accelerating to $525M (+88%). Headline non-GAAP EPS loss of $1.28 was distorted by a $9.0B ($3.62/share) IPR&D charge for the Cidara acquisition; ex-Cidara EPS of ~$2.34 beat the ~$2.30 Street view. Management narrowed/raised FY26 guidance (revenue $65.8B-$67.0B; non-GAAP EPS $5.04-$5.16). We reiterate BUY and raise our 12-month price target to $115 (from $105), implying ~25% upside plus a ~3.5% dividend yield.
Primary-Sources:
  - Merck & Co. - Q1 2026 Earnings Press Release (April 30, 2026) :: https://www.merck.com/news/merck-co-inc-rahway-n-j-usa-announces-first-quarter-2026-financial-results-highlights-significant-regulatory-approvals-and-clinical-milestones/
  - Merck - Q1 2026 Prepared Remarks (PDF) :: https://www.merck.com/wp-content/uploads/sites/124/2026/04/1Q26-Merck-Prepared-Remarks.pdf
  - Merck - Q1 2026 Earnings Call Transcript (PDF) :: https://www.merck.com/wp-content/uploads/sites/124/2026/05/MRK-USQ_Transcript_2026-04-30.pdf
  - Merck Investor Relations - Q1 2026 Financial Results Hub :: https://www.merck.com/stories/our-q1-2026-financial-results/
  - Merck - 2025 Form 10-K (SEC EDGAR) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000310158&type=10-K&dateb=&owner=include&count=40
  - CNBC - Merck Q1 2026 Earnings Coverage :: https://www.cnbc.com/2026/04/30/merck-mrk-earnings-q1-2026.html
  - Motley Fool - Merck Q1 2026 Earnings Call Transcript :: https://www.fool.com/earnings/call-transcripts/2026/04/30/merck-mrk-q1-2026-earnings-call-transcript/
  - Seeking Alpha - Merck Q1 earnings beat lifts shares; 2026 guidance narrowed :: https://seekingalpha.com/news/4582504-merck-q1-earnings-beat-lifts-shares-2026-guidance-narrowed

### MRVL — Marvell Technology Q4 FY2026 Earnings Update — BUY, PT Raised to $115
URL: https://almanex.ai/reports/mrvl/2026-05-02-q4-fy2026-earnings-update
Ticker: MRVL
Company: Marvell Technology, Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q4 FY2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T01:24:23Z
Summary: Marvell closed FY2026 with a clean beat-and-raise that materially recalibrates the bull case. Q4 FY26 revenue of $2.219B (+22% y/y, +7% q/q) printed $19M above the guide midpoint and modestly ahead of the $2.20B Street; non-GAAP diluted EPS of $0.80 cleared the $0.71 consensus by ~13%, supported by 59.0% non-GAAP gross margin and 35.7% non-GAAP operating margin. The Data Center segment grew 21% y/y to a record $1.65B and now contributes 74% of revenue, driven by the Custom XPU (ASIC) ramp at multiple hyperscalers, electro-optic interconnect, and switching. Management raised the FY2027 framework: revenue is expected to approach $11B (vs. ~$10B prior), implying ~34% y/y growth and accelerating sequentially through the year as the second-generation custom XPU platforms ship in volume. The Q1 FY27 guide of $2.40B revenue (±5%) and $0.80 non-GAAP EPS (±$0.05) is approximately 5% above the Street on revenue and 8% above on EPS. We raise our 12-month price target to $115 (from $95) on a roll-forward to a CY27E EPS power of $3.85.
Primary-Sources:
  - Marvell Q4 FY2026 Earnings Press Release — Marvell Investor Relations :: https://investor.marvell.com/news-events/press-releases/detail/1011/marvell-technology-inc-reports-fourth-quarter-and-fiscal-year-2026-financial-results
  - Marvell Q4 FY2026 Financial & Business Results Presentation (PDF) :: https://d1io3yog0oux5.cloudfront.net/_4dfc0d0d707fb9a2c987032fc18d601f/marvell/db/3735/35341/file/2026_03_05_Marvell_Q4_FY26_financial_business_results_FINAL.pdf
  - Marvell SEC Filings — EDGAR (CIK 0001835632) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001835632&type=10-K&dateb=&owner=include&count=40
  - Marvell Q4 FY2026 Earnings Call Transcript — The Motley Fool :: https://www.fool.com/earnings/call-transcripts/2026/03/05/marvell-mrvl-q4-2026-earnings-call-transcript/
  - Marvell 8-K Filing — StockTitan Coverage :: https://www.stocktitan.net/sec-filings/MRVL/8-k-marvell-technology-inc-reports-material-event-47fac4664202.html
  - Marvell Q4 FY2026 Coverage — Yahoo Finance :: https://finance.yahoo.com/news/marvell-technology-inc-mrvl-q4-050223656.html
  - Marvell Q4 FY2026 Analysis — Futurum Group :: https://futurumgroup.com/insights/marvell-technology-q4-fy-2026-earnings-raise-data-center-growth-outlook/
  - Marvell FY27 Outlook — Seeking Alpha :: https://seekingalpha.com/news/4561695-marvell-expects-revenue-to-approach-11b-in-fy27-with-data-center-growth-accelerating
  - Marvell Investor Relations — Financial Results Archive :: https://investor.marvell.com/financial-information/financial-results
  - Marvell Q4 FY2026 Earnings Date Tracker — MarketBeat :: https://www.marketbeat.com/stocks/NASDAQ/MRVL/earnings/

### MS — Morgan Stanley Q1 2026 Earnings Update — Record Quarter Drives PT Raise to $165
URL: https://almanex.ai/reports/ms/2026-05-02-q1-2026-earnings-update
Ticker: MS
Company: Morgan Stanley
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T02:28:48Z
Summary: Morgan Stanley delivered a milestone Q1 2026, posting net revenue of $20.6B (+16% YoY) — the firm's first $20B+ quarter — and diluted EPS of $3.43 (+32% YoY), beating consensus by $0.9B on revenue and $0.41 on EPS. Institutional Securities was a record $10.7B with Equities (+25%) and FIC (+29%) trading at/near records and IB fees +36% YoY led by Advisory +74%. Wealth Management hit a record $8.52B with $118B of net new assets and 30.4% pre-tax margin, meeting the 30% long-term target. ROTCE inflected to 27.1%, the highest single-quarter print post-2020, with a 15.1% CET1 ratio providing a 330bps cushion. We reiterate BUY and raise our 12-month PT to $165 (from $148) on ~14.5x FY27E EPS of $11.40.
Primary-Sources:
  - Morgan Stanley Q1 2026 Earnings Press Release :: https://www.morganstanley.com/press-releases/morgan-stanley-reports-first-quarter-2026
  - Morgan Stanley Q1 2026 Earnings Results PDF :: https://www.morganstanley.com/about-us-ir/shareholder/1q2026.pdf
  - Morgan Stanley Investor Relations — Earnings Releases :: https://www.morganstanley.com/about-us-ir/earnings-releases
  - Morgan Stanley Q1 2026 Earnings Call Transcript (Motley Fool) :: https://www.fool.com/earnings/call-transcripts/2026/04/15/morgan-stanley-ms-q1-2026-earnings-transcript/
  - CNBC — Morgan Stanley Tops Estimates on Trading Strength :: https://www.cnbc.com/2026/04/15/morgan-stanley-ms-earnings-1q-2026.html
  - StockTitan — MS Q1 2026 8-K Filing :: https://www.stocktitan.net/sec-filings/MS/8-k-morgan-stanley-reports-material-event-3ae5656c2103.html
  - SEC EDGAR — Morgan Stanley Filings :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000895421&type=10-Q
  - Trefis — Resurgent Investment Bank Dominance :: https://www.trefis.com/stock/ms/articles2/596910/morgan-stanley-earnings-record-revenue-resurgent-investment-bank-dominance/2026-04-18

### MSFT — Microsoft Q3 FY2026 Earnings Update — Azure reaccelerates to 40%; capex steepens to $190B FY26
URL: https://almanex.ai/reports/msft/2026-05-02-q3-fy2026-earnings-update
Ticker: MSFT
Company: Microsoft Corporation
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q3 FY2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T21:22:47Z
Summary: Microsoft delivered a clean Q3 FY2026 beat with revenue of $82.89B (+18% YoY) and diluted EPS of $4.27, both ahead of consensus. Azure reaccelerated to 40% YoY growth (39% cc) with AI services contributing ~16 points of growth, while AI business run-rate reached $37B annualized. Capex guidance was raised to ~$190B for calendar 2026 (+61% YoY), with $25B attributable to memory/component price inflation rather than incremental capacity. We reiterate BUY and raise our price target to $520 (from $495) on FY27 estimate roll-forward and durable Azure/AI franchise.
Primary-Sources:
  - Q3 FY2026 Press Release :: https://microsoft.com/en-us/investor/earnings/fy-2026-q3/press-release-webcast
  - Q3 FY2026 Performance Page :: https://microsoft.com/en-us/Investor/earnings/FY-2026-Q3/performance
  - Q3 FY2026 Earnings Conference Call :: https://microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q3
  - Microsoft 10-Q (Q3 FY2026) :: https://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000789019
  - Q3 FY2026 Earnings Call Transcript (Apr 29, 2026) :: https://fool.com/earnings/call-transcripts/2026/04/29/microsoft-msft-q3-2026-earnings-transcript/
  - Microsoft Source — Cloud and AI strength fuels third quarter results (Apr 29, 2026) :: https://news.microsoft.com
  - Microsoft Investor Relations :: https://microsoft.com/en-us/investor

### MU — Micron Technology Q2 FY26 Earnings Update — Record blowout, Q3 guide $33.5B, PT raised to $235
URL: https://almanex.ai/reports/mu/2026-05-02-q2-fy26-earnings-update
Ticker: MU
Company: Micron Technology, Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q2 FY26
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin /equity-research:earnings)
Generated-At: 2026-05-02T11:54:00Z
Summary: Q2 FY26 revenue $23.86B beat consensus by 18% (+196% YoY, +75% QoQ); non-GAAP EPS $12.20 vs. $8.60 (+42%). Non-GAAP gross margin 74.9% — highest in 25+ years of company history. Q3 FY26 guide $33.5B revenue at 81% GM exceeds full FY24. CY26 HBM supply 100% pre-sold including HBM4. We raise PT to $235 (from $165).
Primary-Sources:
  - Q2 FY26 Earnings Press Release — Micron Investor Relations :: https://investors.micron.com/news-releases/news-release-details/micron-technology-inc-reports-results-second-quarter-fiscal-2026
  - Q2 FY26 Earnings Call Prepared Remarks (PDF) :: https://investors.micron.com/static-files/e089f8c0-065d-47b8-9d02-bfa863cdb357
  - Q2 FY26 Financial Supplemental Schedules (PDF) :: https://investors.micron.com/static-files/9c0becf5-df56-4eec-bd67-453dda68b273
  - SEC EDGAR — Micron Form 10-Q Filings (CIK 0000723125) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000723125&type=10-Q&dateb=&owner=include&count=40
  - Q1 FY26 Earnings Press Release (prior-quarter comparison) :: https://investors.micron.com/news-releases/news-release-details/micron-technology-inc-reports-results-first-quarter-fiscal-2026
  - CNBC (Mar 18, 2026) — Micron revenue almost triples, tops estimates as memory demand soars :: https://www.cnbc.com/2026/03/18/micron-mu-q2-earnings-report-2026.html

### NFLX — Netflix Q1 2026 Earnings Update — Record 32.3% Op Margin; Ad Business Doubling Toward $3B; Q2 Guide Light but FY Frame Intact
URL: https://almanex.ai/reports/nflx/2026-05-02-q1-2026-earnings-update
Ticker: NFLX
Company: Netflix, Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T21:29:53Z
Summary: Netflix posted a high-quality Q1 2026 with revenue of $12.25B (+16% YoY) beating consensus, a record 32.3% operating margin, and FCF of $2.74B aided by a one-time $2.8B Paramount/WBD termination fee. Management raised FY26 operating margin guidance to ~31.5% (from ~30%) and FY26 FCF to ~$12.5B (from ~$11B), while reaffirming the $50.7-$51.7B revenue range and the ~$3B FY26 ad revenue trajectory (~2x YoY). Q2 revenue guide of +13% YoY came in below buyside expectations of +14-15%, driving a ~9% post-print sell-off that we view as a buying opportunity. We reiterate BUY and raise our PT to $130 (from $125) on FY27E EPS roll-forward and modestly higher long-term margin.
Primary-Sources:
  - Q1 2026 Shareholder Letter :: https://ir.netflix.net/files/doc_financials/2026/q1/FINAL-Q1-26-Shareholder-Letter.pdf
  - Q1 2026 Press Release :: https://sec.gov/Archives/edgar/data/1065280/000106528026000137/ex991_q126.htm
  - Netflix IR — Quarterly Earnings :: https://ir.netflix.net/financials/quarterly-earnings/default.aspx
  - Q1 2026 Earnings Call Transcript (April 16, 2026) :: https://finance.yahoo.com/quote/NFLX/earnings/
  - Q4 2025 Shareholder Letter :: https://s22.q4cdn.com/959853165/files/doc_financials/2025/q4/FINAL-Q4-25-Shareholder-Letter.pdf
  - Netflix 10-K (FY2025) on EDGAR :: https://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001065280&type=10-K
  - Netflix 10-Q (Q1 2026) on EDGAR :: https://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001065280&type=10-Q
  - CNBC Q1 2026 earnings coverage :: https://cnbc.com/2026/04/16/netflix-nflx-earnings-q1-2026.html

### NOW — ServiceNow Q1 2026 Earnings Update — Beat the print but stock -17%
URL: https://almanex.ai/reports/now/2026-05-02-q1-2026-earnings-update
Ticker: NOW
Company: ServiceNow, Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T21:59:26Z
Summary: ServiceNow delivered a clean Q1 2026 operational beat — revenue $3.77B (+22% YoY, +19% cc), subscription revenue $3.671B clearing the high end of guidance, non-GAAP operating margin of 32.0% beating guide by 50 bps, and cRPO of $12.64B up 21% cc. Yet the stock fell ~17% the next day, the worst single-day decline in NOW's history, on a Q2 cRPO growth guide of 19.5% cc — the first sub-20% cc print since the post-pandemic acceleration — and a full-year operating margin/FCF guide cut tied to the recently closed Armis acquisition (~$7.75B, $340M+ ARR, >50% growth). Large-deal momentum remained the standout (16 transactions over $5M net new ACV, ~80% YoY growth; 630 customers >$5M ACV, +22% YoY) with Now Assist attaching to 11 of 16 mega-deals. We maintain BUY and trim PT to $135 (post-split) from $200 on a de-rated ~30x FY27E EPS multiple (from ~42x prior).
Primary-Sources:
  - Q1 2026 Press Release (April 22, 2026) :: https://investor.servicenow.com/news/news-details/2026/ServiceNow-Reports-First-Quarter-2026-Financial-Results/default.aspx
  - Q1 2026 Fact Sheet (PDF) :: https://s205.q4cdn.com/916135447/files/doc_financials/2026/q1/Q1-2026-Fact-Sheet.pdf
  - Q1 2026 Earnings Conference Call Transcript :: https://quartr.com/events/servicenow-inc-now-q1-2026_3gnKgQ7E
  - Q1 2026 CNBC Coverage :: https://cnbc.com/2026/04/22/servicenow-now-earnings-q1-2026.html
  - ServiceNow 10-K (FY2025) :: https://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001373715
  - ServiceNow Investor Relations :: https://investor.servicenow.com/overview/default.aspx
  - Armis Acquisition Closing Press Release :: https://newsroom.servicenow.com/press-releases/details/2026/ServiceNow-completes-Armis-acquisition-closing-the-gap-between-asset-visibility-and-cyber-risk/default.aspx
  - Q4 2025 Press Release (Jan 28, 2026) :: https://newsroom.servicenow.com/press-releases/details/2026/ServiceNow-Reports-Fourth-Quarter-and-Full-Year-2025-Financial-Results-Board-of-Directors-Authorizes-Additional-5B-for-Share-Repurchase-Program/default.aspx

### NVDA — NVIDIA Corporation (NVDA) — Q4 FY2026 Earnings Update
URL: https://almanex.ai/reports/nvda/2026-05-02-q4-fy2026-earnings-update
Ticker: NVDA
Company: NVIDIA Corporation
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q4 FY2026
Rating: BUY (Maintained)
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T19:50:58Z
Summary: NVIDIA delivered a record Q4 FY26 with revenue of $68.13B (+73% YoY, +20% QoQ) beating consensus by ~$1.9B and non-GAAP EPS of $1.62 beating by 7.3%. Data Center revenue of $62.3B (+75% YoY) was driven by the Blackwell Ultra ramp, with networking attach growing +263% YoY. Non-GAAP gross margin expanded to 75.2% (+170 bps YoY), and the Q1 FY27 guide of $78B crushed consensus by ~$6B. We maintain BUY and raise the price target to $240 on roll-forward to FY28 estimates and higher Rubin attach assumptions.
Primary-Sources:
  - NVIDIA — Q4 and Fiscal 2026 Press Release :: https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-fourth-quarter-and-fiscal-2026
  - NVIDIA Investor Relations — Q4 FY26 event page :: https://investor.nvidia.com/events-and-presentations/events-and-presentations/event-details/2026/NVIDIA-4th-Quarter-FY26-Financial-Results-2026-sO6kGS3C2P/default.aspx
  - NVIDIA — Form 10-K, fiscal 2026 (SEC EDGAR) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001045810&type=10-K&dateb=&owner=include&count=40
  - CNBC — Q4 FY26 results coverage (Feb 25, 2026) :: https://www.cnbc.com/2026/02/25/nvidia-nvda-earnings-report-q4-2026.html
  - Fortune — 'Nvidia smashes Q4 2026 with $68 billion in revenue' (Feb 25, 2026) :: https://fortune.com/2026/02/25/nvidia-nvda-earnings-q4-results-jensen-huang/
  - ServeTheHome — Segment-level analysis of Q4 FY26 :: https://www.servethehome.com/nvidia-reports-q4-fy2026-earnings-data-center-and-proviz-drive-revenue-records/

### ORCL — Oracle Corporation (ORCL) Q3 FY2026 Earnings Update — OCI accelerates to ~60%; RPO at $510B underwrites multi-year capex
URL: https://almanex.ai/reports/orcl/2026-05-02-q3-fy2026-earnings-update
Ticker: ORCL
Company: Oracle Corporation
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q3 FY2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T21:35:34Z
Summary: Oracle's Q3 FY2026 was a mixed beat: revenue of $16.20B (+15% YoY) edged consensus by 0.9% as OCI accelerated to ~60% growth (~$4.3B in-quarter, ~$17B run-rate), while non-GAAP EPS of $1.58 missed by 2.5% on accelerated D&A from the FY26 capex ramp. RPO expanded to ~$510B (+~3.6x YoY), boosted by OpenAI/Stargate-related contracts, with 35-40% expected to convert within 24 months. FY26 capex raised to $35B+ (from $25B initial) with FY27 set to step higher to $45-50B. We reiterate BUY and raise PT to $210 (from $185) on FY27 estimate roll-forward and higher confidence in the AI-driven cloud backlog.
Primary-Sources:
  - Q3 FY2026 Press Release :: https://investor.oracle.com/financial-news/news-details/2026/Oracle-Announces-Fiscal-2026-Third-Quarter-Financial-Results/default.aspx
  - Q3 FY2026 Earnings Conference Call (March 10, 2026) :: https://investor.oracle.com/events-and-presentations
  - Oracle 10-Q (Q3 FY2026) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001341439
  - Q3 FY2026 Earnings Call Transcript :: https://www.fool.com/earnings/call-transcripts/2026/03/10/oracle-orcl-q3-2026-earnings-transcript/
  - Oracle Investor Relations :: https://investor.oracle.com
  - Oracle Cloud Infrastructure overview :: https://www.oracle.com/cloud/
  - Stargate program announcement (Jan 21, 2025) :: https://openai.com/index/announcing-the-stargate-project/

### PFE — Pfizer Inc. (PFE) Q4 2025 Earnings Update
URL: https://almanex.ai/reports/pfe/2026-05-02-q4-2025-earnings-update
Ticker: PFE
Company: Pfizer Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q4 2025
Rating: HOLD
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T03:43:10Z
Summary: Pfizer's Q4 2025 was a clean beat — revenue of $17.6B (-1% reported, -3% operational) and adjusted EPS of $0.66 topped the $0.56 consensus on disciplined OpEx execution, Oncology accelerated to $4.44B (+9%), and the Cost Realignment Program delivered ~$4.5B-$5.0B of cumulative savings vs. the original $4B target. However, FY 2026 guidance ($59.5B-$62.5B revenue, $2.80-$3.00 adj. EPS, ~-29% at midpoint) reset Street expectations sharply lower as ~$1.5B of further COVID decline, ~$1.5B of LOE drag (Ibrance, Sutent, Vyzulta), and the absence of 2025 one-time R&D credits collide. We move to HOLD from BUY with a $30 PT (raised from $28); the stock at ~$26.30 trades at trough multiples (~9x 2026E EPS, 6% dividend yield) but limited catalyst density until the 2027/28 LOE trough is visible or Metsera obesity Phase 3 reads out in 2027.
Primary-Sources:
  - Pfizer Q4 2025 Earnings Press Release (February 3, 2026) :: https://s206.q4cdn.com/795948973/files/doc_financials/2025/q4/Q4-2025-PFE-Earnings-Release-FINAL2.pdf
  - Pfizer - Q4 2025 Earnings Call Transcript (PDF) :: https://s206.q4cdn.com/795948973/files/doc_events/2026/Feb/03/PFE-USQ_Transcript_2026-02-03.pdf
  - Pfizer Investor Relations - Quarterly Results Hub :: https://investors.pfizer.com/Investors/Financials/Quarterly-Results/
  - Pfizer - 2025 Form 10-K (SEC EDGAR) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000078003&type=10-K&dateb=&owner=include&count=40
  - Pfizer Reaffirms 2025 EPS Guidance and Provides 2026 Guidance (Dec 16, 2025) :: https://www.businesswire.com/news/home/20251216635323/en/Pfizer-Reaffirms-Full-Year-2025-EPS-Guidance-and-Provides-Full-Year-2026-Guidance
  - BusinessWire - Pfizer Reports Solid Full-Year 2025 Results :: https://www.businesswire.com/news/home/20260203145333/en/Pfizer-Reports-Solid-Full-Year-2025-Results-And-Reaffirms-2026-Guidance
  - CNBC - Pfizer (PFE) earnings Q4 2025 :: https://www.cnbc.com/2026/02/03/pfizer-pfe-earnings-q4-2025.html
  - Pfizer - VESPER-3 Phase 2b Monthly GLP-1 Data (PF'3944) :: https://www.pfizer.com/news/press-release/press-release-detail/pfizers-ultra-long-acting-injectable-glp-1-ra-shows-robust
  - Pfizer Completes Acquisition of Metsera (Nov 13, 2025) :: https://www.pfizer.com/news/press-release/press-release-detail/pfizer-completes-acquisition-metsera
  - Motley Fool - Pfizer Q4 2025 Earnings Call Transcript :: https://www.fool.com/earnings/call-transcripts/2026/02/03/pfizer-pfe-q4-2025-earnings-call-transcript/

### PLTR — Palantir Technologies (PLTR) Q1 2026 Earnings Preview — What to Watch
URL: https://almanex.ai/reports/pltr/2026-05-02-q1-2026-earnings-preview
Ticker: PLTR
Company: Palantir Technologies
Report-Type: earnings-preview
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: HOLD
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T22:00:34Z
Summary: Palantir reports Q1 2026 after-hours on May 5, 2026. We rate shares HOLD with a $115 12-month price target. Consensus expects revenue of $1.42B (+61% YoY) and adj. EPS of $0.25 (+92% YoY), with buy-side whispers ~3% above on revenue and ~8% above on EPS. The print itself is unlikely to be the question — Q2 guidance, the FY26 revenue raise, and US Commercial growth durability will determine whether shares can sustain a 175x forward multiple.
Primary-Sources:
  - Visible Alpha consensus estimates :: https://visiblealpha.com/
  - FactSet consensus estimates :: https://www.factset.com/
  - IBES consensus estimates :: https://www.refinitiv.com/en/financial-data/company-data/ibes-estimates

### SHOP — Shopify Inc. (SHOP) Q1 2026 Earnings Preview — What to Watch
URL: https://almanex.ai/reports/shop/2026-05-02-q1-2026-earnings-preview
Ticker: SHOP
Company: Shopify Inc.
Report-Type: earnings-preview
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: HOLD
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T22:01:53Z
Summary: Shopify reports Q1 2026 results before the open on May 7, 2026. We rate shares HOLD with a $115 12-month price target. SHOP enters the print after a five-quarter run of mid-20s revenue growth, GAAP profitability, and expanding free cash flow margins. Consensus expects revenue of $2.87B (+22% YoY) and adj. EPS of $0.32 (+28% YoY), with buy-side whispers ~2% above the Street on revenue and ~6% above on EPS. Q2 guidance, GMV growth durability, tariff impact on cross-border merchants, and operating margin commentary will determine whether shares can defend an 80x forward multiple after a -8% YTD start.
Primary-Sources:
  - Visible Alpha Consensus Estimates (April 28, 2026) :: https://visiblealpha.com
  - FactSet Consensus Estimates :: https://www.factset.com
  - IBES Consensus Estimates :: https://www.refinitiv.com/en/financial-data/company-data/ibes-estimates

### TMO — Thermo Fisher Scientific (TMO) Q1 2026 Earnings Update
URL: https://almanex.ai/reports/tmo/2026-05-02-q1-2026-earnings-update
Ticker: TMO
Company: Thermo Fisher Scientific
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T03:44:46Z
Summary: Thermo Fisher delivered a Q1 2026 headline beat — revenue of $11.01B (+6% reported, +1% organic) and adjusted EPS of $5.44 (+6% YoY) topped consensus by $0.16 (~3%) — but the print drew a frosty reception as 1% organic growth fell short of the recovery narrative the buy-side has been pricing. Bioproduction in Life Sciences Solutions inflected with 'excellent' organic growth, while Analytical Instruments (-2% organic) and Specialty Diagnostics (-3% organic) flagged academic/government and respiratory-diagnostics softness. Management raised FY26 revenue guidance to $47.3-$48.1B and adjusted EPS to $24.64-$25.12, reflecting the late-March close of the $9.1B Clario acquisition and absorbing ~80bps of tariff-related margin pressure. We view the post-print 7.5% drawdown as an entry opportunity, raise our 12-month price target to $640 (from $610, ~25.5x FY26E adj. EPS of $25.10), and reiterate BUY.
Primary-Sources:
  - Thermo Fisher Scientific - Q1 2026 Earnings Press Release (April 23, 2026) :: https://ir.thermofisher.com/investors/news-events/news/news-details/2026/Thermo-Fisher-Scientific-Reports-First-Quarter-2026-Results/default.aspx
  - Thermo Fisher Scientific - Q1 2026 Form 10-Q (SEC EDGAR, filed May 1, 2026) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000097745&type=10-Q&dateb=&owner=include&count=40
  - Thermo Fisher Scientific - Q1 2026 Earnings Call Transcript (Motley Fool) :: https://www.fool.com/earnings/call-transcripts/2026/04/23/thermo-fisher-tmo-q1-2026-earnings-transcript/
  - Thermo Fisher Scientific - Investor Relations Hub :: https://ir.thermofisher.com/investors/overview/default.aspx
  - Thermo Fisher Scientific - Quarterly Results Archive :: https://ir.thermofisher.com/investors/financials/quarterly-results/default.aspx
  - StockTitan - TMO 10-Q Q1 2026 Filing Summary :: https://www.stocktitan.net/sec-filings/TMO/10-q-thermo-fisher-scientific-inc-quarterly-earnings-report-3090ebc3f6a3.html
  - StockStory - TMO Q1 Deep Dive: Clario, Bioproduction, Macro Uncertainty :: https://stockstory.org/us/stocks/nyse/tmo/news/earnings-call/tmo-q1-deep-dive-clario-acquisition-bioproduction-strength-and-macro-uncertainty-shape-outlook
  - Thermo Fisher Scientific - Q1 2025 Earnings Press Release (Comparable) :: https://ir.thermofisher.com/investors/news-events/news/news-details/2025/Thermo-Fisher-Scientific-Reports-First-Quarter-2025-Results/

### TSLA — Tesla, Inc. (TSLA) Q1 2026 Earnings Update — Margin Rebound Surprises; Deliveries Miss; Robotaxi Geo-Expansion and $25B Capex Pivot Redefine the Bull Case
URL: https://almanex.ai/reports/tsla/2026-05-02-q1-2026-earnings-update
Ticker: TSLA
Company: Tesla, Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: HOLD
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T21:31:33Z
Summary: Tesla's Q1 2026 print was bifurcated: revenue of $22.38B (+16% YoY) and non-GAAP EPS of $0.41 beat consensus by 1.5% and 10.8% respectively, driven by an auto gross margin ex-credits recovery to ~19.2% — the strongest underlying auto margin in over two years. However, deliveries of 358K missed by 2.1%, energy storage deployments of 8.8 GWh fell 39% short of consensus, and a 50K inventory build signals demand softness. FY26 capex was raised to $25B+ (from $20B), implying $2-4B negative FCF as Tesla pivots capital allocation toward AI compute (Cortex/Dojo), Robotaxi fleet build (now live in Austin, Dallas, Houston with 800+ vehicles), and Optimus production tooling. We maintain HOLD and raise PT to $310 (from $285) on margin recovery and AI/autonomy optionality, balanced against demand-side risk, FCF deterioration, energy storage normalization, and an elevated multiple.
Primary-Sources:
  - Q1 2026 Update Letter (April 22, 2026) :: https://assets-ir.tesla.com/tesla-contents/IR/TSLA-Q1-2026-Update.pdf
  - Q1 2026 Production, Deliveries & Deployments Press Release :: https://ir.tesla.com/press-release/tesla-first-quarter-2026-production-deliveries-and-deployments
  - Q1 2026 Earnings Consensus (Tesla compiled) :: https://ir.tesla.com/press-release/earnings-consensus-first-quarter-2026
  - Tesla Investor Relations :: https://ir.tesla.com
  - Tesla 10-Q Q1 2026 :: https://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001318605&type=10-Q
  - Q1 2026 Earnings Call Webcast and Transcript :: https://ir.tesla.com/events-and-presentations
  - Electrek Coverage :: https://electrek.co/2026/04/22/tesla-tsla-q1-2026-financial-results/
  - CNBC :: https://cnbc.com/2026/04/22/tesla-tsla-q1-2026-earnings-report.html

### TSM — Taiwan Semiconductor Manufacturing Co. (TSM) — Q1 2026 Earnings Update
URL: https://almanex.ai/reports/tsm/2026-05-02-q1-2026-earnings-update
Ticker: TSM
Company: Taiwan Semiconductor Manufacturing Co.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T19:52:34Z
Summary: TSMC delivered a high-quality Q1 2026 beat-and-raise: revenue of US$35.90B (+40.6% YoY) hit the top of guidance, gross margin of 66.2% and operating margin of 58.1% blew through guided ranges, and HPC mix climbed to 61% of revenue. Management raised FY26 revenue growth to '>30%' in USD terms and steered capex to the high end of $52–56B. We maintain BUY and raise the 12-month ADR price target to $280 (from $245) on roll-forward of estimates and a higher terminal HPC mix assumption.
Primary-Sources:
  - TSMC — Q1 2026 Earnings Release (PDF) :: https://investor.tsmc.com/english/encrypt/files/encrypt_file/reports/2026-04/e85216eea8dccd8ca75d7e040e8d57be3ccd618b/1Q26%20EarningsRelease.pdf
  - TSMC Investor Relations — Q1 2026 Quarterly Results page :: https://investor.tsmc.com/english/quarterly-results/2026/q1
  - TSMC — Q1 2026 News Release ('TSMC Reports First Quarter EPS of NT$22.08') :: https://pr.tsmc.com/english/news/3297
  - TSMC — SEC EDGAR filings (Form 6-K and 20-F) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001046179&type=6-K&dateb=&owner=include&count=40
  - Investing.com — TSMC Q1 2026 earnings call transcript (Apr 16, 2026) :: https://www.investing.com/news/transcripts/earnings-call-transcript-tsmcs-q1-2026-shows-strong-growth-and-margin-gains-93CH-4617167
  - CNBC — 'TSMC first-quarter profit rises 58%, beats estimates as AI demand fuels record run' (Apr 16, 2026) :: https://www.cnbc.com/2026/04/16/tsmc-q1-profit-58-percent-ai-chip-demand-record.html
  - TrendForce — 'TSMC N3 Tightens on AI Demand; Arizona 2nd Fab 3nm Volume Production in 2H27' :: https://www.trendforce.com/news/2026/04/16/news-tsmc-n3-tightens-on-ai-demand-arizona-2nd-fab-3nm-volume-production-in-2h27-kumamoto-in-2028/

### UNH — UnitedHealth Group Q1 2026 Earnings Update: Margin Reset Validated, PT Raised to $395
URL: https://almanex.ai/reports/unh/2026-05-02-q1-2026-earnings-update
Ticker: UNH
Company: UnitedHealth Group
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T03:46:18Z
Summary: UnitedHealth delivered a decisive Q1 2026 beat that validates the 2026-2027 margin recovery thesis: adj. EPS of $7.23 beat consensus by ~10%, revenue of $111.7B beat by $2.3B, and MCR of 83.9% came in 160bps below Street. Management raised FY26 adj. EPS guidance to >$18.25 (from >$17.75) and authorized $2B of incremental buybacks. The deliberate Medicare Advantage membership shedding (-965k seniors) is now translating into margin recovery, while Optum Health margin of 4.7% appears to mark a credible floor. We raise our 12-month price target to $395 (from $375) and reiterate BUY.
Primary-Sources:
  - UnitedHealth Group - Q1 2026 Earnings Press Release (April 21, 2026) :: https://www.unitedhealthgroup.com/newsroom/2026/2026-04-21-uhg-reports-first-quarter-2026-results.html
  - UnitedHealth Group - Q1 2026 Results PDF (Investor Materials) :: https://www.unitedhealthgroup.com/content/dam/UHG/PDF/investors/2026/unh-reports-first-quarter-2026-results.pdf
  - UnitedHealth Group - Investor Relations / Financial Reports Hub :: https://www.unitedhealthgroup.com/investors/financial-reports.html
  - SEC EDGAR - UnitedHealth Group 10-Q & 8-K Filings Index :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000731766&type=10-Q&dateb=&owner=include&count=40
  - CNBC - UnitedHealth Group (UNH) Earnings Q1 2026 Coverage :: https://www.cnbc.com/2026/04/21/unitedhealth-group-unh-earnings-q1-2026.html
  - Investing.com - UNH Q1 2026 Earnings Call Transcript :: https://www.investing.com/news/transcripts/earnings-call-transcript-unitedhealth-q1-2026-beats-expectations-stock-rises-93CH-4637516
  - Fierce Healthcare - UnitedHealth AI investments & Q1 commentary :: https://www.fiercehealthcare.com/payers/unitedhealth-group-boosts-2026-outlook-it-posts-q1-earnings-revenue-beat
  - Managed Healthcare Executive - Q1 2026 Earnings Call Takeaways :: https://www.managedhealthcareexecutive.com/view/4-takeaways-from-unitedhealth-group-s-first-quarter-earnings-call

### V — Visa Inc. (V) — Q2 FY2026 Earnings Update
URL: https://almanex.ai/reports/v/2026-05-02-q2-fy2026-earnings-update
Ticker: V
Company: Visa Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q2 FY2026
Rating: BUY (Maintained)
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T02:30:22Z
Summary: Visa delivered a near-perfect Q2 FY26 print with net revenue of $11.23B (+17% YoY) — the strongest organic growth in over a decade — beating consensus by ~$273M, and non-GAAP diluted EPS of $3.31 (+20% YoY) beating by $0.15. Payments volume grew +9% and cross-border volume +12% in constant dollars, with cross-border travel and e-commerce both reaccelerating. Value-Added Services revenue reached $3.3B (+27% cc), now 30% of total net revenue, sustaining 25%+ growth for the eighth consecutive quarter. Non-GAAP operating margin expanded 210 bps to 68.6%, capital return reached a record $9.2B ($7.9B buybacks plus $1.3B dividends), and the Board authorized an incremental $20B repurchase program. FY26 guidance was raised meaningfully to low-double-digit to low-teens net revenue growth and low-teens EPS growth. We maintain BUY and raise our price target to $380 (from $345), viewing V as a core compounding holding within Financials.
Primary-Sources:
  - Visa — Q2 FY26 Press Release (April 28, 2026) :: https://investor.visa.com/news/news-details/2026/Visa-Fiscal-Second-Quarter-2026-Financial-Results/default.aspx
  - Visa — Q2 FY26 Earnings Release PDF :: https://s1.q4cdn.com/050606653/files/doc_financials/2026/q2/Q2-2026-Earnings-Release_vF.pdf
  - Visa — Q2 FY26 Earnings Presentation :: https://s1.q4cdn.com/050606653/files/doc_financials/2026/q2/Visa-Inc-Second-Quarter-2026-Financial-Results-Presentation.pdf
  - Visa — Form 10-Q, March 31, 2026 (SEC EDGAR) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001403161&type=10-Q&dateb=&owner=include&count=40
  - Visa — Q2 FY26 Earnings Call Transcript (Motley Fool) :: https://www.fool.com/earnings/call-transcripts/2026/04/29/visa-v-q2-2026-earnings-call-transcript/
  - Visa — FY25 Form 10-K (SEC EDGAR) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001403161&type=10-K&dateb=&owner=include&count=40
  - Visa — Investor Relations homepage :: https://investor.visa.com/
  - PYMNTS — 'Visa Earnings Spotlight Agentic Commerce as Next Growth Engine' (April 29, 2026) :: https://www.pymnts.com/visa/2026/visa-earnings-spotlight-agentic-commerce-as-next-growth-engine/

### WFC — Wells Fargo & Company (WFC) — Q1 2026 Earnings Update
URL: https://almanex.ai/reports/wfc/2026-05-02-q1-2026-earnings-update
Ticker: WFC
Company: Wells Fargo & Company
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q1 2026
Rating: HOLD
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-03T02:31:50Z
Summary: Wells Fargo printed a mixed Q1 2026: EPS of $1.60 beat the ~$1.58 LSEG consensus (+15% YoY) on tax rate, share count reduction, and resilient fees, but revenue of $21.45B and NII of $12.1B both missed Street estimates as NIM compressed 20bps YoY to 2.47%. The post-asset-cap loan growth strategy is now visibly diluting reported margins even as average loans crossed $1T (+11% YoY) and CIB lending grew 23% YoY. Management reaffirmed (rather than raised) FY26 NII of ~$50B and NIE of ~$55.7B, in contrast to peers, requiring an H2 hockey stick to hit the guide. We maintain HOLD and lower our 12-month price target to $88 (from $92) at ~12.0x FY27E EPS / ~1.5x P/TBV, implying ~13% upside.
Primary-Sources:
  - Wells Fargo Q1 2026 Earnings Press Release :: https://newsroom.wf.com/news-releases/news-details/2026/Wells-Fargo-Reports-First-Quarter-2026-Financial-Results/default.aspx
  - WFC Q1 2026 Earnings Release PDF (IR) :: https://www.wellsfargo.com/assets/pdf/about/investor-relations/earnings/first-quarter-2026-earnings.pdf
  - Wells Fargo Investor Relations — Quarterly Earnings :: https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/
  - WFC Q1 2026 Earnings Call Transcript (Motley Fool) :: https://www.fool.com/earnings/call-transcripts/2026/04/14/wells-fargo-wfc-q1-2026-earnings-call-transcript/
  - Wells Fargo Q1 2026 Earnings Call Transcript (Investing.com) :: https://www.investing.com/news/transcripts/earnings-call-transcript-wells-fargo-q1-2026-beats-eps-forecasts-stock-dips-93CH-4613351
  - Yahoo Finance — Q1 2026 Profit Rises on Trading Gains :: https://finance.yahoo.com/markets/stocks/articles/wells-fargo-q1-2026-profit-151333213.html
  - 24/7 Wall St. — WFC Price Target Cuts (Apr 15, 2026) :: https://247wallst.com/investing/2026/04/15/wells-fargo-gets-three-price-target-cuts-in-one-day-is-the-rotce-recovery-story-falling-apart/
  - FinancialContent — NII Miss / 2026 Banking Landscape :: https://markets.financialcontent.com/stocks/article/marketminute-2026-4-14-wells-fargo-stumbles-on-net-interest-income-miss-a-divergent-path-in-the-2026-banking-landscape

### WMT — Walmart Inc. (WMT) Q4 FY2026 Earnings Update — Solid Beat, Mix Shift Continues
URL: https://almanex.ai/reports/wmt/2026-05-02-q4-fy2026-earnings-update
Ticker: WMT
Company: Walmart Inc.
Report-Type: earnings-update
As-Of-Date: 2026-05-02
Quarter: Q4 FY2026
Rating: BUY
Price-Target: —
Generated-By: claude-opus-4-7 (financial-services-plugin)
Generated-At: 2026-05-02T21:20:40Z
Summary: Walmart delivered a clean Q4 FY2026 beat with revenue of $190.7B (+5.6% YoY) and adjusted EPS of $0.74, supported by 4.6% U.S. comp sales, 27% U.S. e-commerce growth, and 41% Walmart Connect ad growth. High-margin businesses (advertising, membership, marketplace, fulfillment) now contribute roughly one-third of consolidated operating profit. FY27 guidance ($2.75-$2.85 adj. EPS) came in modestly below the buy-side ~$2.90 setup, prompting a 1.4% pullback on the print, but we reiterate BUY and raise PT to $112 on the durability of the mix-shift story.
Primary-Sources:
  - Q4 FY2026 Earnings Release :: https://corporate.walmart.com/news/2026/02/19/walmart-releases-q4-fy26-earnings
  - Q4 FY2026 Earnings Release (PDF) :: https://stock.walmart.com/_assets/_461d6b46a29d437b51015f942ff9bb4e/walmart/db/938/9972/earnings_release/Earnings+Release+(FY26+Q4).pdf
  - Q4 FY2026 Earnings Release (SEC) :: https://www.sec.gov/Archives/edgar/data/104169/000010416926000032/earningsreleasefy26q4.htm
  - Q4 FY2026 Earnings Presentation :: https://corporate.walmart.com/content/dam/corporate/documents/newsroom/2026/02/19/walmart-releases-q4-fy26-earnings/q4-fy26-earnings-presentation.pdf
  - Q4 FY2026 Earnings Call Transcript :: https://www.fool.com/earnings/call-transcripts/2026/02/19/walmart-wmt-q4-2026-earnings-call-transcript/
  - Walmart Investor Relations :: https://stock.walmart.com
  - Walmart Form 10-K (FY2026) :: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000104169&type=10-K
  - Walmart Connect / Advertising disclosures :: https://corporate.walmart.com